A.P. Moller-Maersk's subsidiary Maersk Oil has agreed to acquire oil and gas assets off the Brazilian coast from SK Energy Co. for $2.4 billion on a cash and debt-free basis.
The acquisition is subject to customary conditions, including governmental approval and will not affect the 2010 financial results of A. P. Moller-Maersk.
"The A.P. Moller - Maersk Group has the stated ambition to grow Maersk Oil," said A.P. Moller-Maersk Group Chief Executive Officer Nils S. Andersen, in a statement. "This investment will contribute significantly to replacing Maersk Oil's reserves in the long-term as we now expand Maersk Oil's position in one of the world's most attractive regions for the exploration and production industry."