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16-05-2019 07:32:59

Maersk Drilling announces Q1 2019 Trading Statement

Today, The Drilling Company of 1972 A/S (“Maersk Drilling”) releases its trading statement for Q1 2019 (with comparative figures for Q4 2018).

Performance highlights

  • Revenue of USD 308m (USD 336m)
  • Financial uptime of 99.9% (98.6%)
  • Number of contracted days of 1,475 corresponding to utilisation of 73% (1,488 contracted days corresponding to utilisation of 67%)
  • Average day rate of USD 208k (USD 225k) impacted by expiry of legacy contracts, particularly in the floater segment
  • Secured contracts in Q1 2019 with a total contract value of USD 72m
  • Revenue backlog as of 31 March 2019 of USD 2.2bn with a forward contract coverage for the remaining part of 2019 of 67%
  • On 3 April 2019, a three-year contract commencing in Q2 2020 was secured for the semi-submersible Maersk Deliverer with a total contract value of USD 300m. Including this contract, the total contract backlog amounted to USD 2.5bn

Guidance 2019

The previously announced full-year guidance for 2019 is maintained:

  • Profit before depreciation and amortisation, impairment losses/reversals and special items (EBITDA before special items) is expected to be around USD 400m
  • Capital expenditures are expected to be in the level of USD 300-350m

CEO Jorn Madsen quote

“Our performance in the first quarter was in line with expectations. We continued to deliver an industry-leading performance with a financial uptime of 99.9%. Revenue of USD 308m was lower than Q4 2018 impacted by expiry of legacy contracts. We have secured several contracts providing a continued high degree of earnings visibility. Our 2019 full-year guidance remains unchanged. Longer term we continue to expect improved market fundamentals with increased utilisation and higher day rates.”

Webcast

In connection with the release of the Q1 2019 trading statement, Maersk Drilling Executive Management will host a conference call via webcast on Thursday 16 May 2019 at 10:00 a.m. CEST.

The conference call can be followed live via webcast on https://getvisualtv.net/stream/?maersk-drilling-q1-2019-trading-statement

The presentation slides for the conference call will be available beforehand on https://investor.maerskdrilling.com/financial-reports-presentations

For further information, please contact:

Michael Harboe-Jørgensen

Head of Investor Relations

+45 2328 5733

Michael.Harboe-Jorgensen@maerskdrilling.com

Kristoffer Apollo

Senior Press Officer

+45 2790 3102

Kristoffer.Apollo@maerskdrilling.com

Attachments

Maersk Drilling logo.png

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