Maersk Drilling Reports Q3 2012 Less Profitable

Press Release
Monday, November 12, 2012
'Maersk Discoverer': Photo courtesy of Maersk Drilling

In its interim third quarter financial report the company says it remains on track to attain its long-term profit target.

Maersk Drilling’s profit in the third quarter 2012 was US$ 87-million compared to US$ 139-million in the third quarter of 2011. The latest quarterly result was negatively impacted by two delayed start-ups and maintenance yard stays for two drilling rigs.

With the recent US$ 700-million contract for the second newbuild drillship and a high forward contract coverage Maersk Drilling report it is well positioned to reach its strategic aspiration of delivering a profit of US$ 1-billion. The third quarter result was negatively impacted by costly start-up issues on two drilling units.

“The start-up issues materialising in the second and third quarter are hampering our result for 2012, which is obviously not satisfying. However, these are bumps on the road and not jeopardizing our longer term strategic aspiration. We have a strong forward contract coverage providing us with a high degree of earnings visibility and the market remains very encouraging as illustrated by our latest contract for the second of our newbuild drillships,” 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 the third quarter Maersk Drilling’s forward contract coverage was 100% for the remaining part of 2012 and the contract coverage stays high in 2013 (97%) and 2014 (64%). In October 2012 Maersk Drilling reported a new contract of around USD 700 million for its second newbuild drillship for operations in the U.S. Gulf of Mexico. With this contract Maersk Drilling has signed contracts for five out of seven drilling units currently under construction.

Maersk Drilling is one of the four strategic core business units in the A.P. Moller - Maersk Group prioritized for investments. Maersk Drilling’s financial ambition is to deliver US$ 1-billion to the Group’s profit by 2018 by growing its business within the ultra harsh environment jack-up and ultra deepwater floater segments.

 


 

Maritime Reporter October 2013 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Permanent Magnet Technology for Maritime Propulsion

Multipurpose vessels, especially those that operate primarily at part loads, have been facing pressure when it comes to making money in today’s business environment.

Industry Professionals to Speak at ShipConstructor Conference

The speakers representing various companies at next week's SSI Americas ShipConstructor User Conference, October 7-9, 2014 in Mobile, Alabama, demonstrate SSI's

NY Harbor Supply & Distribution Fall Reception/Buffet

More than 600 attendees are expected at the 52nd annual New York Harbor Supply & Distribution Fall Reception/Buffet for the energy and energy related industries

Offshore

Norvestor to Become PG’s Largest Shareholder

Norvestor VI, L.P., a fund advised by Norvestor Equity AS, announced it has signed an agreement to invest in Ing Per Gjerdrum AS including its subsidiaries PG Hydraulics AS and PG Construction AS.

Crowley Receives Heavy-Lift Deck Barge in Singapore

Crowley Maritime Corporation’s solutions group announced today that it has received the first two of potentially four, new heavy-lift, ballastable deck barges (HDBs)

Signet Transports Second LLOG Rig to GofM

On September 14, five Signet Maritime ASD/Z-Drive tugboats, the SIGNET ENTERPRISE, SIGNET RELIANCE, SIGNET MAGIC, SIGNET WEATHERLY, and SIGNET VOLUNTEER successfully

Finance

Norvestor to Become PG’s Largest Shareholder

Norvestor VI, L.P., a fund advised by Norvestor Equity AS, announced it has signed an agreement to invest in Ing Per Gjerdrum AS including its subsidiaries PG Hydraulics AS and PG Construction AS.

GasLog Closes First Option Vessels Dropdown

GasLog Ltd.  announced today the closing of the sale of two modern liquefied natural gas (“LNG”) carriers, the Methane Jane Elizabeth and Methane Rita Andrea,

Brent Holds Above $97, Eyes Worst Quarter Since 2012

Brent crude futures hovered above $97 a barrel on Tuesday, aided by firm U.S. and Chinese data, but the oil benchmark was on track for its deepest quarterly drop

 
 
Maritime Contracts Maritime Security Maritime Standards Navigation Offshore Oil Port Authority Salvage Ship Repair Sonar Winch
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: 0.2663 sec (4 req/sec)