Offshore

Smedegaard: Giving up hopes of Brazilian oil success

Maersk's attempts at landing solid profits from the Brazilian oil sector have now been given up for good. After many years and several attempts Maersk Oil has opted to divest, make a major impairment and let go of its ambitions for future growth in the country.
Photo: Miriam Dalsgaard, Polfoto
Photo: Miriam Dalsgaard, Polfoto
BY RITZAU FINANS

A.P. Moeller-Maersk is now definitively giving up hopes of a successful Brazilian oil business. After many years and several attempts Maersk Oil has opted to divest, perform a major impairment and let go of its ambitions for future growth in the country, says A.P. Moeller-Maersk CEO Nils Smedegaard Andersen after the company on Tuesday performed a USD 1.7 billion impairment on its fields in the country, describing the development as "regrettable."

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