A. P. Møller – Mærsk will no longer pursue a separation solution for its offshore marine services business, Maersk Supply Service.This was decided at a meeting of the company’s board of directors on March 29, 2019.Consequently, Maersk Supply Service will be reclassified from discontinued operations to continuing operations in A.P. Møller – Mærsk (APMM).As a result of the decision in 2016 to separate the oil and oil related businesses from APMM, Maersk Supply Service was classified as a discontinued operation and held as an asset for sale from Q4 2017.“Despite continuous efforts, no attractive separation solution has been identified for Maersk Supply Service, primarily due to the challenging market conditions with overcapacity within the offshore support vessel industry,” the company said in a statement.The sale was part of Maersk’s transformation from a conglomerate to an integrated global container logistics company, which included the separation of the group’s energy business.“We have over the past two years been investigating various structural solutions for Maersk Supply Service. However, having been unable to establish any solutions meeting our objective of creating shareholder value, we have decided to retain Maersk Supply Service,” Claus V. Hemmingsen, Vice CEO of A.P. Moller – Maersk and CEO of the Energy division, commented.“Maersk Supply Service launched a new strategic direction in the autumn of 2016 as a response to the downturn, which is positioning the company stronger and with a more robust and differentiated platform to compete from, when we eventually see a recovery within their core markets in the Oil & Gas space,” Hemmingsen added.A.P. Møller – Mærsk further said that Maersk Supply Service’s strategy remains focused on optimising the existing core business through time chartering out their assets, pursuing of new business as an integrated solution contractor, and by diversifying into new markets.The company has been progressing towards becoming a stand-alone entity. Today, it operates almost fully independently and will continue to do so, according to Maersk.Following the reclassification, Maersk Supply Service will be included in A.P. Moller – Maersk’s income statement, balance sheet and cash flow statement as part of the segment Manufacturing and Others.For the financial year 2018, Maersk Supply Service reported a revenue of USD 263 million and an EBITDA of USD 3 million with negative free cash flow (FCF) of USD 316 million due to the payment of four newbuildings.At the end of 2018, the Invested capital was USD 714 million following a negative fair value adjustment of USD 400 million recognized in Q3 2018. For 2019, the expectations are an EBITDA close to break-even level and a negative FCF of around USD 200 million due to delivery of the remaining newbuildings ordered in 2014.The reclassification of Maersk Supply Service will not affect the guidance for APMM for 2019, the company said.
BoyleSports signs Coventry City sponsorship August 21, 2020 Submit Share GVC absorbs retail shocks as business recalibrates for critical H2 trading August 13, 2020 StumbleUpon Related Articles Share ITV secures three-year British racing broadcast deal August 5, 2020 BoyleSports and Ladbrokes Coral are the first operators to stream Inspired Entertainment’s Virtual Grand National, as well as its Virtual Grand National Race of Champions.Set to be broadcast on Friday April 13 at 8pm on ITV4, the Virtual Grand National is to be presented as a dedicated channel of content, “allowing for a unique virtual racing experience as 40 runners go head to head”.Also part of the deal is the Race of Champions, which will see a field of some of the famous names to have raced at Aintree, such as Red Rum and Amberleigh House, compete against each other over all of the racecourses’ famous fences.Eddie Bennett, MD – Gibraltar for BoyleSports, commented: “BoyleSports is delighted to be bringing the Virtual Grand National products to its customers in anticipation of the live event this weekend. “The realism and quality of graphics in the Virtual races delivers a premium experience, and I have no doubt that customers will be thrilled by the opportunity to watch Red Rum race again.”Craig Perry, Head of Gaming at Ladbrokes Coral, said: “The build-up to the Grand National at Aintree this week is well underway and we’re delighted to launch this virtual offering which is as close to the fun and action of the real thing as you can get. “With races every five minutes and the hourly ‘Race of Champions’, which pits heroes of yesteryear against each other, we’re confident this great product will really capture the imagination of racing fans.”A number of complementary Grand National products from Inspired are also available to customers, including a Grand National Slot and ‘Scratch ‘n’ Go Grand’ National instant win game.Steve Rogers, CCO at Inspired, added: “I’m delighted to announce the commercial launch of Inspired’s Virtual Grand National 2018, as the nation begins to anticipate the greatest horse race of the year. “This is truly a unique product and it promises to add a compelling experience to our customers’ retail and digital channels in advance of the highest profile horse race in the calendar.”