A.P. Møller - Mærsk A/S – Maersk Oil acquires Devon assets in the Gulf of Mexico

The fully owned subsidiary of A.P. Møller - Mærsk A/S, Mærsk Olie og Gas A/S ("Maersk Oil"), has today through a US subsidiary entered into an agreement with Devon Energy Production Company, L.P. ("Devon") for Maersk Oil's purchase of Devon’s interests in the Cascade, Jack and St. Malo fields in the Gulf of Mexico.

The transaction comprises a 50% participating interest in the Cascade field and a 25% participating interest in each of the Jack and St. Malo fields. Maersk Oil will pay a total cash consideration to Devon of USD 1.3 billion for the assets. Ahead of on-stream production, Maersk Oil’s estimated additional investment is expected to be in the range of USD 1.3 - 1.8 billion, going up to around USD 4 billion over time

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