A.P. Møller - Mærsk

M&A Activity • Dec 23, 2010

                              ANNOUNCEMENT

A.P. Møller - Mærsk A/S - Maersk Oil to buy Brazilian assets for USD 2.4 billion

The fully owned subsidiary of A.P. Møller - Mærsk A/S, Mærsk Olie og Gas A/S
("Maersk Oil"), has agreed with SK Energy Co., Ltd. to acquire SK do Brasil
Ltda. for USD 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 result of A. P. Møller - Mærsk A/S.

The acquisition gives Maersk Oil access to sizeable pre-salt assets offshore
Brazil, one of the most prolific regions in the world for oil exploration and
production. It offers immediate production and significant growth potential as
discoveries identified in the acreage are appraised. In addition, the
acquisition offers a strong upside from blocks lying in the Campos Basin as
exploration prospects are tested.

The acquisition comprises three blocks - BM-C-008 which includes the Polvo
Field (40 percent share, Devon operated), BM-C-030 which includes the Wahoo
discovery (20 percent share, Anadarko operated) and BM-C-032 which includes the
Itaipu discovery (27 percent share, Devon operated). BP has bought Devon's
Brazilian activities and will upon regulatory approval become operator of
these.

"The A.P. Moller - Maersk Group has the stated ambition to grow Maersk Oil.
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,”
says A.P. Moller - Maersk Group CEO Nils S. Andersen.

Maersk Oil CEO Jakob Thomasen says: “The acquisition is consistent with our
strategy as it will transform Brazil into a core producing country for Maersk
Oil. Through our partnerships in the three blocks we acquire, we will
strengthen our position in deepwater exploration and production, an area where
we have acquired acreage and built strong competencies in recent years”.

The Polvo Field offers a current net production of app. 10,000 barrels of oil a
day (SK do Brasil Ltda. share). The Wahoo and Itaipu discoveries will be
appraised in 2011 and first oil may be possible by 2016 and 2018, respectively.
Additional exploration prospectivity has been observed in both these blocks,
some of which is planned to be tested in 2013.

Copenhagen, 23 December 2010.

For more information, please contact A.P. Møller - Mærsk CEO Nils S. Andersen
on +45 3363 3534, or Maersk Oil CEO Jakob Thomasen on +45 3363 4089. Analysts
can contact Henrik Lund, Head of Investor Relations, on +45 3363 3106

The forward-looking statements in this announcement are subject to risks and
uncertainties, both general and specific that can cause the actual development
to differ materially from the forward-looking statement.

                                                                 Page 1 of 1