Dear Colleagues,

 

By meeting our commitments we are demonstrating we are a business that can be relied upon. We continue to improve our overall operational performance, reducing high potential incidents and personal injuries – hard work which was paid back with our best ever safety performance figures in the first quarter. That signals good progress on our Incident Free journey.

 

Alongside this, our major project delivery continues in line with, or ahead of, expectations. There remains room for improvement but, in a critical year for the business, we have built a platform to deliver results. We are laying the strong foundations we need for our successful future.

 

Top-quartile production efficiency in the UK and Kazakhstan, and on-target production from our non-operated businesses, made important contributions to a first quarter profit of US$328 million.

 

That’s great – but what excites me most is how we delivered this outcome. It’s been about much more than effective execution and good processes. We have influenced production performance through the use of applied technical innovation, and in safety, we have enhanced results by creating shared purpose with suppliers. Collaboration like this adds huge value to our business: that can’t happen without high quality people.

 

That’s critical, because it is people who are at the centre of the competitive advantages we have developed. Key capabilities enable us to unlock challenging reservoirs, deliver world-class projects and operate complex field infrastructure safely and efficiently.

 

As we spoke about at the recent town hall, the marriage of culture and capabilities can be a powerful differentiator, when we get it right. Alongside our talent, we have a culture anchored in the strength of the Maersk Values.

I want to preserve and build on this in our ways of working.

 

Clear accountabilities, strong collaboration and trust in ourselves and each other are critical to enhancing delivery of safe and reliable operations and world-class projects, and will be indispensable in a the Maersk Oil of the future.

 

Thank you for your contribution to a good performance in the first half of 2017. There remains more to do to ensure we deliver the year we all want. With your contribution,

we can make it truly excellent.

 

 

Gretchen Watkins

CEO

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