Workers on a Maersk offshore rig in Qatar.

Maersk cuts capex $1 billion

Denmark

COPENHAGEN, September 9, 2015 – Danish multinational operator Maersk said in a Wednesday presentation to shareholders that it was cutting its capital expenditures by $1 billion.

The capex will drop to $2 billion-4 billion down from $3 billion-5 billion. Maersk Oil CEO Jakob Thomasen told investors the company would focus on acquisitions in 2016 and 2017.

Maersk was most recently in the news when the UK government gave them the green light to develop the Culzean oil and gasfield in the North Sea. The company has already invested $4.61 billion in its development, and expects output of 30,000-45,000 barrels of oil equivalent per day when production begins in 2019.

Maersk has cut about 600 jobs and lowered costs by a third as of June, in line with industry trends and a dropping crude oil price.

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