Maersk Supply Service Narrows Down Focus to Offshore Wind and OSVs
Maersk Supply Service will shift its focus to fewer business areas and regions in an effort to increase its presence in core markets, increase synergies in its operations, and improve profitability. Going forward, the company’s two core business areas will be offshore wind and offshore support vessels (OSVs).
The offshore vessel markets continue to improve, and the energy transition continues to accelerate, the Danish company, part of A.P. Møller Holding, said.
Therefore, Maersk Supply Service will focus on building scale in these two business areas where the company said it can benefit from a young and energy-efficient fleet, experienced crew, as well as its unique and innovative concept for offshore wind turbine installation.
“We will build scale in the markets we operate to become more competitive. To do this we will focus on the most attractive future markets with the best fit for Maersk Supply Service. Building on our current strong position, we will create value for our customers and together secure energy supply and support the energy transition,” said CEO of Maersk Supply Service, Christian Ingerslev.
“Within offshore wind, governments are setting ever higher offshore wind targets. Developers are moving quickly to secure ports, turbines and vessels to support these goals, while at the same time vigilantly keeping cost down. We have a unique and innovative design for offshore wind turbine installation that has the potential to revolutionise the way offshore wind farms are installed and help meet offshore wind targets faster. Our ambition is to play an active role in growing and accelerating the energy transition.”
The more focused portfolio has impacts on current business areas and geographical position, the company said. While Maersk Supply Service will continue to support towing, mooring, and installation of offshore assets on a time-chartering basis, it will no longer enter new turn-key solutions projects.
The balance between risk and reward in solutions projects do not meet the financial expectation and Maersk Supply Service said it lacks the scale needed to mitigate risks and get synergies. The company will honour its commitments and execute the project backlog.
Further, Maersk Supply Service wants to focus its geographical footprint and position its fleet around the Atlantic Basin and the North Sea, hence it will relocate the two vessels in Australia after completion of the current contracts.
Maersk Supply Service will scale down the organisation accordingly with approximately 130 people being impacted onshore and offshore over the next two years, depending on the consultation process in the UK.
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The management team will be restructured around the two new core business areas. Jonas Munch Agerskov, currently Chief Commercial Officer, will take on the newly created role of Executive Vice President for Offshore Wind and assume full responsibility of the offshore wind business.
For the OSV business, Michael Reimer Mortensen will join Maersk Supply Service as the new Chief Commercial Officer and be responsible for leading the commercial efforts in the Offshore Support Vessel business. The company will search for a new Chief Technical Officer to be part of the management team. As a consequence, Chief Operational Officer Mark Handin and Head of Integrated Solutions, Olivier Trouvé, will leave Maersk Supply Service by end of September 2023.
“Maersk Supply Service has been on a transformational journey since 2016 to explore new business opportunities after the downturn in the OSV market. The company has added many different areas to its business, all relevant at the time. Now it is time to select the areas with the highest potential for Maersk Supply Service. The organisation has built up valuable knowledge along this journey, and I would like to give my sincere thank you for huge effort and commitment to all that has taken part of this journey and especially to the colleagues that we now have to say goodbye to,” Ingerslev said.
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