Kerr-McGee Corp., Oklahoma City, (NYSE: KMG) has completed the sale of 100% of the stock of Kerr-McGee (G.B.) Ltd. to Maersk Olie og Gas AS, a subsidiary of A.P. Moller - Maersk A/S, for US$2.95 billion. This transaction completes Kerr-McGee's exit from the North Sea. The combination of this transaction and the previously closed sale of the non operated portion of the company's North Sea properties provides net after-tax proceeds of approximately $3.1 billion to Kerr-McGee. "The company now has closed approximately 75% of the expected $4.4 billion in net after-tax proceeds to be received this year, which enables us to continue our efforts to reduce leverage," says Bob Wohleber, Kerr-McGee chief financial officer. "We expect to receive the remaining proceeds by year-end 2005. In addition, we currently are evaluating bids for our Gulf of Mexico shelf properties."
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