Maersk taking $1.7 billion loss on Brazilian energy buy
Copenhagen, Denmark (UPI) Jul 8, 2013 - Maersk Oil said Tuesday it was giving up on plans in Brazil after taking a $1.7 billion impairment on its assets there. The company in July 2011 bought stakes in three Brazilian reserve areas from SK Energy for $2.4 billion. Maersk said it now views the assets as under-performing based on appraisal drilling results and increased development costs. The company said it decided to m ... more
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