Maersk Drilling 3Q profit up on Venezuela divestment

Denmark’s Maersk Drilling made a 3Q 2014 profit of $192 million, compared to 3Q 2013 profit of $148 million, including a gain of $73 million after tax due to divesting the Venezuela activities.

Maersk Drilling divested the activities in Venezuela in September. The activity generated revenue of USD 195m in 2013. Excluding the gain from the sale, the 3Q 2014 result was lower due to start-up of new rigs and maintenance. ROIC was 10.7% (11.7%).

During the third quarter, the drilling contractor accepted deliveries of the third newbuild drillship, Maersk Venturer, and the second jack-up, Maersk Interceptor.

Cash flow from operating activities was $127 million, down from $212 million in 3Q 2013, and net cash flow used for capital expenditure was USD 673m, up from $483 million in the third quarter of 2013. The increased net cash flow used for capital expenditure was mainly due to taking delivery of the jack-up Maersk Interceptor and the drillship Maersk Venturer.

Rig fleet performance

The rig fleet of 13 jack-up rigs, four semi-submersibles,  two drillships and a managed semi-submersible was  fully contracted during the quarter. The operational uptime in Q3 2014 remained high with an average 97% (98% in 3Q 2013). For the floating rigs the operational uptime was 96% (97% in 3Q 2013 ) and for the jack-up rigs  97% (98% in 3Q 2013).

As for the full year guidance, Maersk Drilling said it expects an underlying result below 2013 (USD 551m) due to planned yard stays and high costs associated with training and start-up of operation of six new rigs.

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