Maersk Oil to launch organisational review following Group Strategy Update

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Maersk Oil has today outlined plans to review the scope and scale of its headquarters organisation over the next three months, in response to the recent outcome of the Maersk Group’s strategic business review and Maersk Oil’s exit from Qatar in 2017.

Despite a solid operational business performance, which saw the company return to positive earnings in the second quarter of 2016, Maersk Oil needs to continue to adjust the business to the continued low oil price, changes to both the portfolio and to long term growth plans.

The review will be completed during the remainder of 2016. However an initial phase to reconfigure the company’s Growth organisation and reduce the Technology and Projects group will be delivered by the end of October, subject to statutory works council consultation and local labour laws.

As a result of the changes, Ebbie Haan, Chief Growth Officer, will leave Maersk Oil on 7 October, 2016.

Commenting on the decision, Maersk Oil CEO-designate, Gretchen Watkins, said:

“We fully recognise this announcement will be unsettling for our employees. By taking swift action we hope to minimise uncertainty and ensure focus continues, near term, on safe and efficient operations and continued execution of our world-class project portfolio in the North Sea. We are performing well in spite of the market, and we want that to continue.”

She continued: “Maersk Oil’s commitment to grow in the next few years is underscored by $1-2 billion in annual capex to deliver the exciting Culzean and Johan Sverdrup projects. They will deliver 100,000 barrels of new production to Maersk Oil. We have a bright future as the cornerstone business in the new Maersk Energy.”