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."
"We've been in Brazil since 2001 and we've tried several times to establish a significant business in Brazil, as it's an attractive oil country. But we have not been able to successfully implement some of the initiatives we've taken in a way that makes sense, so we do not plan to make further attempts at the Brazilian oil market," says Nils Smedegaard Andersen.