Maersk Drilling posts Q1 2013 results
With an increase in profit to USD 146 million in the first quarter of 2013 from USD 123 million in first quarter of 2012, Maersk Drilling has come off to a good start in 2013. The strong result – up by 19 % – is positively impacted by a solid operational performance across the entire rig fleet, said in the company's press release.
“The performance in the first quarter of 2013 shows the strength and potential of our business. With a strong financial performance driven by solid operations we are back on track, and we reiterate our expectation of a higher result in 2013 compared to 2012. Our long term target remains intact with an ambition of delivering a profit of USD 1 billion by 2018,” 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 first quarter of 2013, Maersk Drilling’s forward contract coverage was 98 % for the remaining part of 2013. For 2014 the forward contract coverage is 79 %, 51 % for 2015, and 41 % for 2016.
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.
"We are in discussions with customers regarding the last two drillships and we are confident about the employment prospects for these two units. Customers continue to show a clear preference for modern equipment with enhanced safety and operational capabilities," says Claus V. Hemmingsen.
