Maersk FPSO's takes over group's LNG operations

A.P. Moller--Maersk Group says that on April 1, 2009 responsibility for the group's Liquefied Natural Gas (LNG) activities will be transferred from Maersk Tankers to Maersk FPSOs. LNG will then come under the responsibility of Mr. Paul Carsten Pedersen, CEO of Maersk FPSOs.

"The motivation for incorporating the LNG business under Maersk FPSOs is that the business model applied in the LNG industry is based on long-term contracts, which is in line with Maersk FPSOs," says Maersk. "The consolidation combines relevant technical resources and supports the growth strategy for both business areas."

"Very similar to the FPSO industry, the LNG business is a long haul effort to win contracts and is to a significant extent a project oriented business. The customer relation is very long-term where safety and operational performance are the key issues", says Claus V. Hemmingsen, Partner responsible for Maersk FPSOs. "Maersk FPSOs has the resources and skills required to pursue potential opportunities in related business areas such as LNG re-gasification and floating LNG production to further grow the businesses."

The transfer will over time encompass both commercial and technical management, and all employees involved in LNG will move to Maersk FPSOs' office premises in Lyngby, north of Copenhagen. The move is expected to take place in May 2009.