Maersk Drilling Profit $358-million in 2012, Eye on a Billion

Press Release
Monday, February 25, 2013
Maersk Drill Ship: Photo courtesy of Maersk Drilling

Maersk Drilling release its financial summary statement for year 2012.

With high contract coverage for the coming years and the delivery of seven new large rigs in 2013-2015, Maersk Drilling says it is on track towards to reach its target of a profit of USD 1 billion by 2018. The full year result for 2012 was, however, negatively impacted by costly start-up issues on two drilling rigs.

Maersk Drilling’s profit for 2012 was USD 359 million compared to USD 488 million in the record breaking year 2011. The result was negatively impacted by more than USD 125 million due to the delayed start-up for two rigs in 2012. The delay was caused by prolonged maintenance yard stays and operational issues.

“The result for 2012 is not satisfactory. Maersk Drilling had start-up issues on two rigs, Maersk Discoverer and Maersk Endurer, which meant loss of day rates and additional costs for maintenance of the two rigs. However, looking forward Maersk Drilling has a strong forward contract coverage providing us with a high degree of earnings visibility, which provides us with a solid basis for our future growth,” says Claus V. Hemmingsen, CEO of Maersk Drilling and member of the Executive Board of the A.P. Moller - Maersk Group.
By the end of 2012, Maersk Drilling’s forward contract coverage was 98% for 2013. For 2014 the forward contract coverage is 76% and 51% for 2015.

Maersk Drilling currently has seven rigs under construction, including three ultra harsh jack-up rigs and four ultra deepwater drill ships corresponding to a committed investment of USD 4.5 billion. Of the seven newbuild rigs, contracts have already been secured for five rigs totalling a contract backlog of 17 rig years and an estimated revenue backlog of around USD 2.9 bn.

 

Maritime Reporter April 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Royal IHC introduces IHC Workhorse

Royal IHC has announced an extension to its innovative range of vessels with the introduction of the IHC Workhorse. This new design for a hybrid anchor handling

‘Row around Singapore Island’ Takes off today

The epic endurance challenge that will see 32 volunteers rowing 140km non-stop around Singapore is starting in less than 24 hours. The project has raised a staggering $450,

Anthem of The Seas Christened in Southampton

Royal Caribbean's newest ship, Anthem of the Seas, was named in Southampton, U.K.,  in a spectacular ceremony.   U.K. travel agent godmother  Emma Wilby named the 4,

Offshore

Royal IHC introduces IHC Workhorse

Royal IHC has announced an extension to its innovative range of vessels with the introduction of the IHC Workhorse. This new design for a hybrid anchor handling

‘Row around Singapore Island’ Takes off today

The epic endurance challenge that will see 32 volunteers rowing 140km non-stop around Singapore is starting in less than 24 hours. The project has raised a staggering $450,

New CEO for Deep Sea Supply

Deep Sea Supply, a Cyprus headquartered owner of offshore support vessels, has appointed Jon Are Gummedal as new CEO of the company,  says a statement from the company.

Finance

U.S. Ports Account for 26% of Nation’s Economy

From 2007 to 2014, the total economic value that U.S. coastal ports provide in terms of revenue to businesses, personal income and economic output by exporters and importers rose 43 percent to $4.

Titan, Svitzer Merger Creates Global Salvage Giant

Svitzer, salvage division of AP Moller-Maersk and Titan Salvage, a division of Crowley Maritime Corp are merging their salvage operations to create a new market leader.

Rejig at Pan Ocean

South Korean bulker operator Pan Ocean re-sumitted its rehabilitation plan to the South Korean court that will see discount rate of cash repayment and decision of reduction of capital.

Offshore Energy

Royal IHC introduces IHC Workhorse

Royal IHC has announced an extension to its innovative range of vessels with the introduction of the IHC Workhorse. This new design for a hybrid anchor handling

CWind Orders More Composite Workboats

CTruk has won an order for two more of its 22m multi-purpose catamaran Wind Farm Service Vessels (WFSVs). Both will be delivered to offshore wind service supplier

Kongsberg Simulators to Enhance GoM Offshore Training

‘Fideicomiso de Formación y Capacitación para el Personal de la Marina Mercante Nacional’ (FIDENA), on behalf of Mexico’s Secretariat of Communications and Transportation

 
 
Maritime Careers / Shipboard Positions Maritime Security Naval Architecture Pipelines Pod Propulsion Salvage Ship Electronics Ship Repair Shipbuilding / Vessel Construction Sonar
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.2981 sec (3 req/sec)