Denmark: New CEO for Maersk FPSOs and Maersk LNG

Senior Vice President of A. P. Møller – Mærsk A/S, Mr. Stig Hoffmeyer (54) has been appointed CEO of Maersk FPSOs and Maersk LNG.

Mr. Hoffmeyer brings many years of management experience from various industries, including 14 years with the A.P. Moller – Maersk Group, among other, as CEO of the DISA Group 1997-2001 and former Rosti Group 2002-2010. The CEO since 2008, Mr. Paul Carsten Pedersen (55) has been in various positions in A.P. Moller – Maersk since 1981, mainly within Maersk Drilling and within business development.

Mr. Pedersen will remain engaged with the Maersk FPSOs business and will take charge of Special Projects, under reference to the new CEO. The A.P. Moller – Maersk Group has in recent years invested in two new world-class modern technology FPSOs of which the first unit was delivered in 2008 and is operating offshore Australia.

The other unit is due for delivery in Q4 2010 aiming for its long term contract offshore Brazil. The remaining part of the fleet operates in the North Sea and off the West Coast of Africa. Maersk LNG has also just recently taken delivery of its 8th and final newbuilt LNG carrier.

“The industry outlook is promising and the Maersk FPSOs and Maersk LNG business units are well positioned in the market place and are recognised as significant players in the industry. The market in general is forecasted to face an ever increasing demand for deepwater floating production and transportation of oil and gas worldwide”, says Partner and member of the Executive Board of A.P. Moller – Maersk, Mr. Claus V. Hemmingsen.

“The A.P. Moller – Maersk Group has among its core competencies oil & gas drilling and production. In the meantime, the financial and operational performance of the current FPSO business need to be further improved.

Mr. Hoffmeyer holds experience from three major turnarounds, which will be deployed especially in the Maersk FPSOs business”. “Seen from a newcomer’s view, this industry has an attractive potential, says the new CEO Stig Hoffmeyer.

“However, during the emerging years of the FPSO technology development, the profitability has so far not yet been at a satisfactory level. I am looking forward to working closely with my new colleagues to fully explore the potential of our organisation and to leverage on the asset investments made by our shareholders”, says the new CEO.

Source: Maersk, September 21, 2010

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