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 Today


The Maritime Industry's original and most viewed E-News Service

Maritime Reporter May 2016 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

NASSCO Lays Keel for Jones Act Tanker Liberty

U.S. shipbuilder General Dynamics NASSCO hosted a keel laying ceremony on Thursday, May 26 for the Liberty, one of three new ECO Class Jones Act tankers under a

DSC Dredge Receives President’s E-Star Award

DSC Dredge, LLC, based in Reserve, La., has received the 2016 President’s “E-Star” Award for exports.   In a ceremony held on May 16, 2016, at the U.S. Department

TT Club Reports Robust Financial Results for 2015

TT Club has announced its financial results for the year ended December 31, 2015, and AM Best affirms its A- (Excellent) rating for the 10th consecutive year.   Knud Pontoppidan,

Offshore

Hercules Offshore Filing for Bankruptcy Again

Hercules Offshore Inc said it planned to file for prepackaged Chapter 11 bankruptcy, just six months after the rig contractor emerged from bankruptcy protection.

DONG Energy Listing to Value Group at up to $16 Bln

DONG Energy's has set a potential $16 billion price tag on its stock market debut, giving investors a chance to buy into the growth in offshore wind power, but

Østensjø Rederi Orders Another Wind Farm Vessel

Rolls-Royce has signed a contract with shipyard Astilleros Gondan in Spain to design and equip a second Service Operation Vessel for ship owner Østensjø Rederi.

Finance

Defense Appropriations Bill Includes $1 Bln for US Icebreaker

The U.S. Senate Appropriations Committee’s FY2017 Defense Appropriations Bill has included $1 billion in funding to accelerate construction of a new polar icebreaker for the U.

Higher Capesize Demand Pushes up Baltic Index

The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, rose on Friday buoyed by higher demand for capesize vessels.

TT Club Reports Robust Financial Results for 2015

TT Club has announced its financial results for the year ended December 31, 2015, and AM Best affirms its A- (Excellent) rating for the 10th consecutive year.   Knud Pontoppidan,

Offshore Energy

Hercules Offshore Filing for Bankruptcy Again

Hercules Offshore Inc said it planned to file for prepackaged Chapter 11 bankruptcy, just six months after the rig contractor emerged from bankruptcy protection.

VOS Sugar First Charter

The newest addition to Vroon’s fleet, subsea-support vessel (SSV) VOS Sugar, recently started work in the BARD Offshore 1 Offshore Wind Farm (OWF). The vessel

China COSCO Moving to Offshore Winds

China COSCO Shipping, which uses bulk carriers and container vessels to transport goods, has seen its cargo business decline amid China's slowdown and has decided

 
 
Maritime Contracts Maritime Security Navigation Pipelines Pod Propulsion Salvage Ship Repair Ship Simulators Shipbuilding / Vessel Construction Winch
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: 0.1075 sec (9 req/sec)