The board of directors at A.P. Møller - Mærsk A/S has decided to restructure the group’s business portfolio into two independent divisions: Transport & Logistics and Energy.

“The industries in which we are operating are very different, and both face very different underlying fundamentals and competitive environments,” said Michael Pram Rasmussen, chairman of the board. “Separating our transport and logistics businesses and our oil and oil-related businesses into two independent divisions will enable both to focus on their respective markets. This will increase the strategic flexibility by enhancing synergies between businesses in Transport & Logistics, while ensuring the agility to pursue individual strategic solutions for the oil and oil-related businesses.”

According to Maersk, Transport & Logistics will consist of Maersk Line, APM Terminals, Damco, Svitzer and Maersk Container Industry, while Energy will consist of Maersk Oil, Maersk Drilling, Maersk Supply Service and Maersk Tankers.

Søren Skou will be group CEO of A.P. Møller - Mærsk A/S and CEO of the Transport & Logistics division, while Claus V. Hemmingsen will be group vice CEO and CEO of the Energy division.

“Both Energy and Transport & Logistics have strategies positioning them for growth and strategic agility,” said Skou. “Transport & Logistics will be able to provide new and digitized world-class solutions for customers, while at the same time capture functional cost synergies and better utilization of existing assets. Energy is well positioned to leverage Maersk Oil’s expertise and gain scale in select geographies, particularly in the North Sea. Its structural agility will enable management to pursue new and different structural solutions and investment.”

The board of directors announced on June 23, 2016 that it had asked the management to carry out a review of the strategic and structural options for the Maersk Group.