September 30, 2003

Oil Activities in the North Sea - Taxation and Concession 

A.P. Møller – Mærsk A/S has reached an agreement with the Danish Government. The agreement changes and increases taxation of income under the A.P. Møller – Mærsk A/S North Sea concession until its expiry in 2012 as the Government a.o. will receive a 20% share of the profit.

Simultaneously, the concession is extended to 2042 with the Danish Government joining DUC with an ownership share of 20% as of 2012 without payment.

A.P. Møller – Mærsk A/S has found it unreasonable to negotiate the existing agreement under pressure of new legislation, but found it prudent to accept a complete solution which should ensure a continued economically and for the society proper development of the oil and gas fields in question, also after 2012.

As the agreement will come into force only as of 1 January 2004, it will not affect the A.P. Møller – Mærsk A/S estimates for 2003.

The agreement is not final until approved by relevant boards of directors and the Danish Parliament.

Contact person: CEO Jess Søderberg, tel. no. +45 33 63 36 11.