Maersk Drilling continues the strong financial performance in Q2 2013 with an increase in profits to USD 150m compared to USD 98m in Q2 2012. The strong result is positively impacted by a solid operational performance across the entire rig fleet. “The second quarter result is the best quarter ever in Maersk Drilling. Our assets have been fully employed during the quarter and we have delivered a solid operational performance paving the way for the very strong result. We are very satisfied with the performance, which demonstrates the potential of our business,” says Claus V. Hemmingsen, CEO of Maersk Drilling and member of the Executive Board of the A.P. Moller - Maersk Group.
For the full year 2013 Maersk Drilling revises it is expected result from above the 2012 result (USD 347m) to significantly above the 2012 result. Maersk Drilling’s forward contract coverage is 100% for the remaining part of 2013. For 2014 the forward contract coverage is 86%, 58% for 2015, and 44% for 2016.
"With high forward contract coverage for the coming years, a robust outlook market outlook and an attractive newbuild programme, we are well on track towards our target of contributing USD 1 billion in profit by 2018. Taking delivery of our seven new rigs according and securing contracts for the last two drillships while staying focused on our day-to-day operational and safety performance remain our key priorities," says Claus V. Hemmingsen.
Maersk Drilling currently has seven rigs under construction, including three ultra harsh environment jack-up rigs and four ultra deepwater drillships corresponding to a committed investment of USD 4.5 billion. The drillships will be delivered in 2013 and 2014, and the ultra harsh environment jack-ups will be delivered in 2014 and 2015.
Of the seven newbuild rigs, contracts have already been secured for five rigs totalling a contract backlog of 19 rig years and an estimated revenue backlog of around USD 3.2 bn. Maersk Drilling is in discussions with oil companies for employment of the two remaining drillships.
Source: Maersk Drilling