The deal announced in August last year makes Total the second largest operator in the North Sea with an output of 500,000 barrels per day by 2020. Maersk will receive $4.95bn worth in shares in Total, while the French oil company will assume $2.5bn in debt from Maersk Oil.
“With the completion of the Maersk Oil transaction, we have taken a significant step in our strategy to focus AP Moller - Maersk on container shipping, ports and logistics,” said Soren Skou, ceo of AP Moller – Maersk.
Total is aiming to generate more than $400m in synergies given the overlaps of the two businesses.
“We are committed to preserve and further develop Maersk Oil’s heritage by relying on the strong competencies of its teams. Our regional hub for North Sea activities is now headquartered in Copenhagen,” said Patrick Pouyanné, chairman and ceo of Total.
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