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

People & Company News

Tanzania's Energy Minister Resigns

Tanzania's Energy and Minerals Minister Sospeter Muhongo resigned on Saturday amid a graft scandal that has rocked the gas-rich country and led Western donors to delay aid,

China's COSCO Group Returns to Profit

China Ocean Shipping Group Co (COSCO) returned to profit in 2014 after three years of losses, state media said on Saturday, citing an interview with the group's chairman.

Brent Closes Up, U.S. Crude Down After Saudi King Dies

Brent crude was buoyed on Friday by market uncertainty over the future of Saudi oil output, while U.S. crude fell on more signs of oversupply. Saudi Arabia's new king,

Offshore

Oil Platform Ablaze in the Gulf of Mexico

Fire broke out on an unmanned oil platform in the Gulf of Mexico approximately five miles south of Port Fourchon, La., the Bureau of Safety and Environmental Enforcement (BSEE) reported.

Subsea Crane Takes a Long Journey

Last September the test bed in Rostock was the stage of a single lift of the RL-K 7500 subsea crane. The same crane was then loaded and shipped to the South Korean customer.

Dynamic Positioning & the Potential for USCG Regulations

Dynamic positioning is a vessel capability provided by integration of a variety of individual systems and functions to automatically maintain a vessel’s position

Finance

Oil Majors to Preserve Dividends Despite Oil Collapse

Europe's oil majors will strike a sober note in their fourth-quarter results and investors will focus on companies' plans to maintain cherished dividends and

China's COSCO Group Returns to Profit

China Ocean Shipping Group Co (COSCO) returned to profit in 2014 after three years of losses, state media said on Saturday, citing an interview with the group's chairman.

Brent Closes Up, U.S. Crude Down After Saudi King Dies

Brent crude was buoyed on Friday by market uncertainty over the future of Saudi oil output, while U.S. crude fell on more signs of oversupply. Saudi Arabia's new king,

Offshore Energy

Oil Platform Ablaze in the Gulf of Mexico

Fire broke out on an unmanned oil platform in the Gulf of Mexico approximately five miles south of Port Fourchon, La., the Bureau of Safety and Environmental Enforcement (BSEE) reported.

Semco Maritime Expands in Houston

Rig upgrade and repair specialist Semco Maritime opens new Houston office on January 23, offering services for rig customers in Canada, Gulf of Mexico and Brazil.

Maersk Drilling Mulls Leviathan Contracts

Jonas Bjork, commercial manager Maersk Drilling Denmark, a subsidiary of Maersk Group, says that Israel is in his radar in the near future and hinted that his company targets Leviathan contracts,

 
 
Maritime Contracts Maritime Standards Naval Architecture Navigation Pipelines Salvage Ship Electronics Ship Repair Shipbuilding / Vessel Construction Sonar
rss | archive | history | articles | privacy | terms and conditions | 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: 0.1552 sec (6 req/sec)