The new Maersk Oil Executive Team (MOET) is in place, ready to embrace the opportunities and challenges of the ever-changing oil and gas industry. The new executive team, led by CEO Gretchen Watkins, was formed at the end of last year,

following the Maersk Group strategy review and the creation of a new Energy Division of which Maersk Oil is the cornerstone. Here is a brief introduction to the executive team members.

Chief

Executive

Officer

Gretchen Watkins

Gretchen Watkins is Chief Executive Officer of Maersk Oil. She first joined Maersk Oil in 2014 as Chief Operations Officer, bringing more than 20 years of oil industry trading, leadership and international experience in BP and Marathon from the US, UK, Netherlands, Canada and Vietnam.

 

Watkins, who was appointed as Maersk Oil’s CEO in 2016, is also a Non-Executive Board Director at the FTSE-100 UK company, Atkins Global.

 

She graduated with a degree in Mechanical Engineering from Pennsylvania State University.

There is much to be excited about in 2017 and it’s important we catch the positive momentum which saw us emerge from 2016 in good shape. We have delivered strong performances on our three strategic pillars – notably maximising value from safe operations and world class project delivery as well as on managing our costs. We now need everyone’s continued contribution and engagement to build on this foundation to shape the brightest future for Maersk Oil we can.”

Chief

Financial

Officer

Carsten Sonne-Schmidt

Carsten Sonne-Schmidt is Maersk Oil’s

Chief Financial Officer. He joined the Maersk Group after graduation and has spent 11 years in roles with Group

Finance, M&A and Maersk Oil. From 2014-16 he was the Chief Financial Officer of Maersk Oil’s Qatar operations.

 

Following a brief period as Head of the Non-Operated Portfolio, Carsten was appointed as Chief Financial Officer

for Maersk Oil.

 

He holds an MSc in Applied Economics and Finance.

The complexity of the value chain in the oil and gas business is formidable and we must continue to root out value creating opportunities. We have done extremely well on cost, but we now need to unlock value across all the disciplines – and crucially the interfaces between them. From the reservoir through the wellhead to the corporate centre, there is much more that can be done to drive value based opportunities.”

 

Priority in Focus: Our Finance Journey

Finance is in a unique position to see cost, performance and systems up close and right across the business. With that comes a responsibility to be integrators. Cost and operational efficiency are areas where we are getting ahead of the game. We must continue to improve there, but we also need game-changing action around the interfaces between every facet of the business to remain in a winning position.

Chief

Operating

Officer

Martin Rune Pedersen

Martin Rune Pedersen is Maersk Oil’s Chief Operating Officer. His oil industry experience spans almost 20 years and has also included working as an engineer offshore. Pedersen has

served as Managing Director for both Maersk Oil’s UK and Danish operations for six years before appointment as

Chief Operating Officer in 2016. Prior to joining Maersk Oil, Martin was an Officer (Captain, reserves) of the

Danish Army.

 

Pedersen holds an MSc in Engineering from the University of Aalborg.

We have become a safer operator and building on that positive trajectory to achieve top quartile safety performance is a chief focus area in operations for 2017. We must also be cognisant of the fact that as an increasingly independent business unit our cash-generating operations are absolutely critical to building our future business. That means safe, reliable operations will translate directly to income and increase our liquidity and growth options.”

 

Priority in Focus: Incident Free

Our 2017 goal to reach industry top quartile safety performance will require an even greater commitment to working safely. We have made excellent progress, particularly in improving process safety performance, more than ever we must keep the Life Saving Rules front and centre. Our Incident-Free culture is one of the strongest features of life in Maersk Oil and we will only see this grow stronger.

Head of

Applied

Technology,

VP

Troels Albrechtsen

Troels Albrechtsen joined Maersk Oil in 1991 as a Geologist based in Copenhagen. Since 2010 he has been the Head of Applied Technology, VP. His 25 years of oil industry geology,

technology and leadership experience has seen him work in Doha, Copenhagen and Aberdeen.

 

Albrechtsen holds an MSc in Geology from the University of Copenhagen and has professional certifications in leadership and management for specialists.

With our new Applied Technology organisation come significant changes, and the change process has just begun. We will soon deliver our refined technology ambitions that will ensure the operations, project execution and future business plans are consistently underpinned by the highest technical standards and people that give Maersk Oil a definite edge in the market place.”

 

Priority in Focus: Technical support for Category 1

project delivery

Our flagship North Sea HPHT project Culzean finished 2016 on schedule and with cost savings of US$500m achieved since project sanction – maintaining disciplined delivery and quality technical support for Culzean and to the Johan Sverdrup partnership will be our top priority.

Chief

Strategy

Officer

Christine Healy

Christine joined Maersk Oil from Statoil in North America on 1 February 2017. Her responsibilities bridge the leadership of Strategy and Implementation, External Relations and Communications, Business Development, and Commercial. From 1 May 2017, Christine will also assume MOET responsibilities as General Counsel following the resignation of Mikkel Falkenberg.

 

A lawyer and an economist by background, Christine has a wealth of leadership experience in oil and gas in North America and Canada. Among her leadership roles, Christine was Head of Business Development North America where she was responsible for delivering growth, including M&A execution. Christine has been responsible for a broad range of areas from purchase and sale of assets, strategy, risk management, stakeholder management and commercial affairs.  When in full time legal practice, Christine’s work focused on natural resources.

The integrated strategy organisation will take an exciting lead on our portfolio transformation and simplification, whilst providing support to our major projects and change initiatives. We will prioritise legal support to mature our capital projects, and work to simplify the portfolio whilst pursuing options for structural moves to stand alone from the Maersk Group and increase the scale of our business.”

 

Priority in Focus

Combining the key strategic business levers in this way is a great opportunity to underpin delivery of priorities now but also to play a critical role in the framing and execution of the Maersk Oil strategy as we make preparations for standing alone. By working to embed compliance excellence in Maersk Oil, Legal can help the business realise the full potential from its core heritage assets. We must also drive the external agenda as thought leaders in the North Sea and best in class partner and stakeholder managers.

Chief HR

Officer

Jesper Madsen

Jesper Madsen joined Maersk Oil as Head of Human Resources in 2015. He has been with the Maersk Group since 2001 and has held senior HR roles in Beijing and Copenhagen. Madsen led the human resources function at Maersk Drilling between 2009 and 2015.

 

Jesper holds a Master in Political Science from the University of Copenhagen.

We must face the reality that 2016 and the start of 2017 delivered some really tough organisational changes. We have overhauled the organisation structure to ensure the future health of the business and we are confident we have the right people in the right places and the right operating structure in place to let people thrive in a way that works for the whole organisation.”

 

Priority in Focus: Maersk Oil Culture and rolling out the ACT Programme

The principles of Accountability, Collaboration and Trust have been introduced. Starting immediately, we will build and drive cultural transformation throughout the year.

Mikkel Falkenberg leaves Maersk Oil at the end of April 2017 after an 11-year career within APMM. Mikkel also served as Head of M&A for the Maersk Group prior to joining the Maersk Oil Executive Team.

He will leave for a senior role in a Copenhagen-based law firm with the best wishes of all who have worked with him in Maersk Oil and the Group.

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