AP Moller-Maersk has completed a seven-year strategic shift away from energy services by agreeing a sale of Maersk Supply Service (MSS).
The offshore support vessel company will go to Maersk parent AP Moller Holding in a deal worth $685m, reflecting a multiple to 2022 Ebitda of 27.4 times.
VesselsValue assesses the 36-ship fleet on the water as worth $1bn.
Maersk adopted its new strategy of focusing on integrated logistics and container shipping in 2016, selling off Maersk Tankers, Maersk Oil & Gas and Maersk Drilling by 2019.
The group could not find a solution for MSS in tough offshore markets, however.
Now, with oil and gas vessel markets much improved, the group has brought its transformation to an end.
And MSS has been diversifying into offshore wind farm shipping, which fits more with AP Moller Holding’s focus on the energy transition.
Last year, MSS teamed with compatriot Stiesdal Offshore to capitalise on the fast-growing floating wind market.
And in March 2022, the owner made its first move into wind shipping with a deal to build what it calls a “pioneering” turbine installation vessel for Equinor and BP to operate in the US market.
MSS said it had been working on the concept since 2019.
New concept
The wind turbine installation vessel will be 30% more efficient than using conventional jack-up units due to unique feeder capabilities.
“We are very pleased to see Maersk Supply Service will be able to continue to further develop new solutions for the green transition of the offshore sector under a new long-term ownership,” Maersk chief financial officer Patrick Jany said.
“This transaction validates the excellent work done by the team in the last years. At the same time, it marks the completion of our initial decision to divest all energy-related activities and focus on truly integrated logistics.”
The deal includes more than 1,300 crew members and 300 onshore staff worldwide.
The company was founded in 1967.
The operational fleet consists of 25 anchor-handling tug supply units, three platform supply vessels, seven subsea ships and a cable-layer.
AP Moller Holding also bought Maersk Tankers in 2017.
Its CFO, Martin Larsen, said: “The capabilities and vessels MSS have built over more than 50 years supporting the oil and gas energy industry are much needed within offshore renewable energy, especially in the wind industry.
“As new owners, we will drive a transition of Maersk Supply Service to over time become a leading offshore marine company servicing the offshore wind industry. At the same time, we are pleased that this concludes the separation of energy related activities from AP Moller–Maersk as initiated in 2016.”
