Maersk Oil CEO to step down following Total deal closure

9/27/2017

STAVANGER -- Maersk Oil leaders have been appointed by Total for the first management positions in the future business. The appointments are subject to successful deal closure and will not be effective before this. Closing is still expected during first-quarter 2018, pending regulatory approvals.

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Gretchen Watkins, CEO, Maersk Oil. Photo: Maersk Oil.

Martin Rune Pedersen, COO of Maersk Oil will, following a successful closure, become V.P. of Total’s operations in Norway, Denmark and the Netherlands.

Troels Albrechtsen, CTO at Maersk Oil will be appointed V.P. for the technical center to be established in Copenhagen. The center will be part of Total’s global technical organization, supplementing the existing centers in Paris and Pau.

The appointments follow the decision by Gretchen Watkins, CEO of Maersk Oil, to pursue other career opportunities once Total’s acquisition of Maersk Oil successfully closes. Gretchen will continue to lead Maersk Oil until deal closure, leading the pre-integration process as the business moves towards new ownership.

“Gretchen has in her roles as CEO and prior to this, as Chief Operating Officer in Maersk Oil, played a decisive role in steering a transformation in Maersk Oil’s operational performance. I am glad that she will be here to continue leading successful and safe delivery of the business, placing Maersk Oil in the best position possible, until the deal closes,” said Claus V. Hemmingsen, Vice CEO of A.P. Moller – Maersk and CEO of the Energy division.

Gretchen Watkins joined Maersk Oil as COO in January 2014 and has been CEO of Maersk Oil since October 2016.

“This has been a difficult decision for me. I couldn’t be prouder of the way Maersk Oil has successfully navigated what I believe will come to be judged as historically challenging conditions for the industry, emerging as a high performing business. I remain firmly committed to leading the safe and successful delivery of our business performance until deal closure, alongside overseeing a smooth pre-integration process, as we take the business into new ownership,” says Gretchen Watkins, CEO of Maersk Oil.

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