Nordea sees GoM buy to boost Maersk profit in 2014
| | It may take four years before Danish oil and shipping group A P Moller - Maersk A/S starts making money on its recent acquisition of interest in three oil fields in the Gulf of Mexico (GoM) from US Devon Energy Corporation, according to Nordea.
On 22 December 2009, Maersk Oil agreed to pay a total USD1.3bn for 50%
interest in the Cascade field and 25% interest in both the Jack and St
Malo fields.
"We are awaiting approval (of the acquisition) by the authorities
before changing our estimates (for Maersk), but we expect limited
effect on the (group's) net profit before 2014, when it can grow by
DKK1bn," senior analyst with Nordea Finn Bjarke Petersen said.
According to Petersen, the acquisition will bring a net value of DKK1,200 per share.
The broker operates with a "buy" rating on Maersk with a share price target of DKK40,000.
Source: Nordic Business Report |
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