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Maersk Oil hires Lloyd's Register for guidance

Maersk dealt a series of blows apart from sustained pressure from low crude oil prices.

By Daniel J. Graeber
Lloyd's Register says it's made arrangements to help asses risk for Danish energy company Maersk Oil. Photo by James Jones Jr./UPI/Shutterstock
Lloyd's Register says it's made arrangements to help asses risk for Danish energy company Maersk Oil. Photo by James Jones Jr./UPI/Shutterstock

LONDON, Oct. 13 (UPI) -- Business service group Lloyd's Register said it was hired by Danish energy company Maersk Oil to support risk assessment for offshore operations.

Lloyd's Register under a five-year agreement provides Maersk with support in operations risk as the Danish company moves forward after a shake-up at its parent company.

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"Ensuring consistent standards of integrity services across a network of high-value offshore assets is an increasingly complex task," James Drummond, a vice president at Lloyd's Register, said in a statement. "Operators often face challenges that arise from differing operating regimes across different structures, work cultures and levels of asset maturity."

A.P Moeller-Maersk in September announced it was splitting the company in two, with its oil-related business spinning off to focus on the North Sea. In June, the company had advanced on a restructuring plan by sidelining top executives and by then had already announced plans to cut about 40 positions from its regional offices.

A week after the split, Maersk Oil said it was making cuts in its technology and project group and parting ways with additional top executives. The company reported modest growth in earnings in the second quarter, but it said further adjustments were needed in its portfolio and long-term growth plans in response to lower crude oil prices.

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Maersk Oil was dealt a major blow in June when it was passed over for a joint venture opportunity at an oil field in Qatar. The company leaves the country next year.

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