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

 

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