WoodMac: The Drilling Company of 1972 ‘strongest competitor among mid-sized peers’

The newly-listed offshore driller The Drilling Company of 1972 (TDC 1972), ex-Maersk Drilling, is now considered the strongest competitor among its mid-sized peers in the offshore drilling market.

Maersk Resilient; Source: Flickr/Maersk Drilling

Danish offshore driller Maersk Drilling, now named The Drilling Company of 1972 (TDC 1972), on Thursday listed on the Copenhagen Stock Market.

To remind, Danish shipping giant Maersk, the owner of Maersk Drilling, last February started a process to “demerge” the driller, living up to its August 2018 announcement it would split up with Maersk Drilling and list it as a standalone company.

Commenting on the driller’s listing on Thursday, Leslie Cook, Principal Analyst, Upstream Supply Chain, at global natural resources consultancy Wood Mackenzie, said: “In late 2017 we made the call that Maersk Drilling would be an acquisition target upon execution of their spin-off from AP Moller-Maersk.

“While only a few of the large drilling companies  – Transocean, Ensco, and Seadrill – have elected to make acquisitions in the past two years, we believe that TDC 1972 will be part of the consolidation narrative in the near term.”

Cook added that the offshore rig market continues to face challenges with over-supply and tempered demand. Despite some recovery in the offshore rig market last year, Wood Mackenzie firmly believes more consolidation is needed before any meaningful movement in utilization occurs.

She added: “The newly independent TDC 1972 is the strongest competitor among their mid-sized peers. Their floating rig utilization is 75% (with six of their eight rigs working), while industry average for all floaters remains below 70%.

“The company recently announced a $300 million long-term contract with Inpex for the Maersk Deliverer semi-submersible. Average contract lengths for floating rigs in 2018 were approximately 200 days. The recent Maersk Deliverer contract is for 1,095 days.

“The company also holds a leading position in the ever-growing harsh environment jack-up market. Over 50% of their jack-ups are rated for harsh environment and they have more harsh environment jack-ups in their fleet than any other company,” Cook said.


Spotted a typo? Have something more to add to the story? Maybe a nice photo? Contact our editorial team via email.

Offshore Energy Today, established in 2010, is read by over 10,000 industry professionals daily. We had nearly 9 million page views in 2018, with 2.4 million new users. This makes us one of the world’s most attractive online platforms in the space of offshore oil and gas and allows our partners to get maximum exposure for their online campaigns. 

If you’re interested in showcasing your company, product or technology on Offshore Energy Today contact our marketing manager Mirza Duran for advertising options.

Share this article

Follow Offshore Energy Today

Events>

<< Jun 2019 >>
MTWTFSS
27 28 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

OWI LATAM 2019

Over the two-day conference, 25+ expert speakers will share exclusive insight on how to develop an integrity, production and P&A strategy…

read more >

Nigeria Oil & Gas Conference & Exhibition 2019

The annual meeting once again proved to be a great success, gathering over 700 industry professionals…

read more >

08th OIL & GAS AFRICA 2019 CONFERENCE

OIL & GAS AFRICA is one of the most prime regional & international Oil and Gas conferences in East Africa…

read more >

Gas Indonesia Summit 2019

Gas Indonesia Summit & Exhibition is returning for the fourth edition in Jakarta…

read more >

Jobs>

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply