Maersk Drilling reports rise in profit. Expects slowdown in 2014

Danish offshore drilling contractor Maersk Drilling made a profit of $528M in 2013, up from $347M.

The result was driven by full utilisation of all rigs and impacted positively by higher operational uptime and higher day rates.

During 2013 Maersk Drilling entered into several new major contracts and has now secured contracts for six out of eight new drilling rigs to be delivered in 2014-2016.

The revenue backlog increased to $7.9bn ($7.0bn in 2012), and the one-year forward coverage by the end of 2013 was 94% (98%). Operational uptime averaged 97% (92%). Cash flow from operating activities was $775 million ($ 597 million in 2012) and cash flow used for capital expenditure was USD 1.5bn (USD 555m).

As for the outlook for 2014, Maersk Drilling said it expects a result lower that $528 million achieved in 2013 due to planned yard stays in 2014 and high costs associated with training and start-up of operation of six new rigs.

The company earlier this week took delivery of its first ultra deepwater drillship, Maersk Viking, from the Samsung Heavy Industries (SHI) shipyard in Geoje-Si, South Korea. Maersk Viking has started its voyage to the US Gulf of Mexico where it will start a three year contract with ExxonMobil.

 

Offshore Energy Today Staff , February 27, 2014

 

Share this article

Follow Offshore Energy Today

Events>

<< Jun 2017 >>
MTWTFSS
29 30 31 1 2 3 4
5 6 7 8 9 10 11
12 13 14 15 16 17 18
19 20 21 22 23 24 25
26 27 28 29 30 1 2

Oil & Gas Indonesia 2017

Oil & Gas Indonesia (OGI) is an exhibition focused on Oil and Gas Exploration, Production and Refining and showcases the largest exhibition…

read more >

Erasmus Energy Forum 2017

Join Rotterdam School of Management, Erasmus University (RSM) on the paths to zero carbon energy

read more >

OGA 2017

OGA 2017 is the most beneficial way to meet, discuss and acquire the latest in the Oil & Gas industry! …

read more >

03rd OIL & GAS TANZANIA 2017

After a successful Oil & Gas Exhibition in 2016, Expogroup is all set for the 6th OIL & GAS AFRICA 2017…

read more >

Jobs>

Assistant Driller

Maersk Drilling Norge AS was established in 1990 and employs a staff of approximately 1000 people.

apply

QC Coordinator Offshore

Do you attach great importance to quality and do you have an affinity with offshore projects? Then read about what Van Oord can offer you.

apply

Electrician

For one of our clients we are looking for a Ships Electrician. Our client is a company with worldwide activities. You will work in a rotation of 4 till 6 weeks on and off.

apply