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thus not been full integration or internalisation of the value
chain within A.P. Møller-Mærsk. While the FPSO (floating
production, storage and offloading) activities and Danbor
Service have operated under long-term contracts, Maersk
Supply Services and Maersk Drilling have combined long-
term contracts with involvement in the spot markets.
Downstream in refining, the A.P. Møller-Mærsk Group
has only been involved to a more modest extent, and here
the company differs from fully integrated oil companies
like Royal Dutch-Shell and Exxon. The A.P. Møller-Mærsk
Group has never been involved in distribution and sales of
hydrocarbon products to end customers.
The A.P. Møller-Mærsk Group has traditionally func-
tioned as a conglomerate. The branching into the oil and
gas sector illustrates this development very clearly, in that
new activities have gradually grown out of existing ones.
The sale of the LNG activities in 2011 does, however, signal
that the A.P. Møller-Mærsk Group has sharpened its focus
on the most profitable business areas, and is in the process
of reducing its diversification within the value chain. The
group is thus more focused on oil exploration and produc-
tion, drilling and tanker and container shipping. This is the
first time that the group has significantly narrowed its in-
volvement in the value chain in the oil and gas sector since
the sale of a number of downstream activities in the 1970s.
This narrowing is related to a new strategy focusing on
core businesses and return on invested capital which was
launched by the new Group CEO Nils Smedegaard Ander-
sen during 2008. The conglomerate strategy which created
the broad involvement in many links of the value chain has
been replaced by a focus on core business and return on
invested capital.
Noter
1. Sluyterman, K. 2007: Keeping Competitive in Turbulent
Markets, 1973-2007: A History of Royal Dutch Shell, vol. 3,
Oxford: Oxford University Press, p. 5.
2. Poulsen, René Taudal og Morten Hahn-Pedersen 2012:
Striking a balance: A case of risk management in the oil and
gas industry, 1990-2010, upubliceret manuskript.
3. Om Royal Dutch Shell se Howart, S. & J. Jonker 2007:
Powering the Hydrocarbon Revolution, 1939-73: A History
of the Royal Dutch Shell, vol 2., Oxford: Oxford University
Press., Jonker, J. & J.L. van Zanden 2007: From Challen-
ger to Joint Industry Leader, 1890-1939: A History of Royal
Dutch Shell, vol. 1, Oxford: Oxford University Press samt
Sluyterman: op. cit., 2007. Om ExxonMobil se ExxonMo-
bil, 2011. ExxonMobil 2010 Summary Annual Report. Ir-
ving, Texas, USA: ExxonMobil Corporation.
4. Rudiger, M. 1998: DONG og energien, Copenhagen:
Handelshøjskolens forlag; Rüdiger, M. 2007: Energi og re-
gulering – Energipolitisk regulering og DONG A/S 1972-
2004, Copenhagen: Handelshøjskolens forlag; Lie, E. 2005:
Oljerikdommer og internasjonal ekspansjon: Hydro 1977-
2005, Oslo: Pax Forlag.
5. Sluyterman: op. cit., 2007, p. 63ff.
6. Hornby, O. 1987: “Ved rettidig omhu…” Skibsreder A. P.
Møller 1876-1965. København: Schultz Forlag, pp. 114ff,
217ff.
7. Hahn-Pedersen, M. 1997: A.P. Møller og den danske olie,
København: Schultz Forlag, p. 25ff.
8. Årsberetninger A.P. Møller-Mærsk A/S 2009 og 2010.
9. D/S af 1912 A/S årsberetning for 1995, p. 10
10. A.P. Møller-Mærsk A/S årsberetning for 2010, p. 33.
11. Årsberetninger, D/S Svendborg A/S, D/S af 1912 A/S og
A.P. Møller-Mærsk A/S.
12. Hahn-Pedersen, M.: op. cit., 1997 giver en detaljeret ana-
lyse af Mærsk Olie og Gas’ historie frem til udgivelsesåret. I
forbindelse med en ajourføring af dette værk har forfatteren
bl.a. udarbejdet et arbejdsmanuskript om selskabets interna-
tionale aktiviteter, som ligger til grund for det her skrevne.
13. Ibid.
14. Årsberetninger for Bergesen, 1998-2003. Bergesen dy
A/S annual report 1997-2003. Oslo: Bergesen dy A/S og
BW Offshore, 2011. BW Offshore Limited Annual Report
2010. Oslo: BW Offshore Limited.
15. Mærsk Post nr. 4, 1997, p. 10-11.
16. Jf. note 13.
17. Pressemeddelelse fraA.P. Møller-MærskA/S, 28. august
2008: “Maersk Contractors changes name”.
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