Today, the Board of Directors of Maersk Drilling Holding A/S has approved the annual report for 2018. Despite the challenging market conditions, Maersk Drilling retained strong profitability and cash flow generation.
As announced on 7 January 2019, Maersk Drilling will release its annual report for 2018 on 7 February 2019. The report will expectedly be released at 10:00am CET.
Maersk Drilling Holding A/S [Maersk Drilling] has made the planned progress to ensure the company is ready for an independent listing on Nasdaq Copenhagen during 2019. The Board of Directors has been strengthened and a clear governance structure established. Maersk Drilling will release its first consolidated annual report as a standalone entity on February 7, 2019.
Today, Maersk Drilling A/S (“Maersk Drilling”) and Seapulse Ltd. (“Seapulse”) have signed a Master Alliance Agreement (“MAA”) under which Maersk Drilling will provide fully integrated services, including provision of drilling rigs, related drilling services, well services, and other goods and services, for a global offshore oil & gas exploration drilling programme of 12 wells. The programme is expected to commence in mid-2019 with an expected duration of 490 days.
Equinor has exercised two options of two months each for jack-up rig Maersk Intrepid. As a result, the rig is now contracted to Equinor until the end of February 2020. Two options of two months each remain undeclared on the contract.
Maersk Drilling has entered into an agreement to sell the jack-up rig Mærsk Giant to an Australasian-based independent O&G operator. The transaction is expected to close before end of 2018.
Maersk Drilling and Wintershall Noordzee B.V. have extended their previous cooperation in a new agreement which gives Maersk Drilling the status of preferred contractor to Wintershall Noordzee B.V.’s offshore drilling work. The agreement, which includes closer cooperation on using data to improve drilling efficiency, comes into effect immediately and will remain in force until the end of June 2020.
Petrogas E&P Netherlands B.V. has exercised an option with Maersk Drilling to extend the current contract of jack-up rig Maersk Resolute. The contract extension is for one well, A15 on the Dutch continental shelf, with an expected duration of 21 days. The exercised option extends Maersk Resolute’s confirmed work scope into March 2019.
Equinor has exercised options and added a new contract for jack-up rig Maersk Intrepid to continue supporting the development towards first oil at the Martin Linge field.
Maersk Drilling signs on semi-submersible rig Mærsk Deliverer with Eni for exploration well offshore Timor-Leste.
Aker Energy and Maersk Drilling have agreed upon a new contract that will send deepwater drillship Maersk Viking from the Gulf of Mexico to Ghana to start drilling an appraisal well during the fourth quarter of 2018.
Maersk Drilling and Aker BP have agreed to a one-year contract to deploy high-performance rig Maersk Integrator the Norwegian shelf from June 2019. The contract is founded on the alliance that the parties entered into in 2017.
Maersk Drilling and Aker BP have agreed to a new two-year contract to reactivate and quickly deploy jack-up rig Maersk Reacher in the Norwegian part of the North Sea.
As of 1 September 2018, Jesper Ridder Olsen is appointed new CFO of Maersk Drilling. The appointment follows the announce-ment of A.P. Moller – Maersk’s intention to pursue a demerger of Maersk Drilling via a listing on Nasdaq Copenhagen in 2019.
A.P. Moller – Maersk has decided to pursue a demerger via a separate listing
of Maersk Drilling on Nasdaq Copenhagen in 2019.
Maersk Drilling has been awarded contract extensions for the high-efficiency jack-up rigs Maersk Resolute and Maersk Resolve by Petrogas E&P Netherlands B.V. and Wintershall Noordzee B.V., respectively. The extensions allow the two rigs to continue their high-performance operations in the North Sea.
With the senior management team now in place and interest growing from potential customers, today the decommissioning joint venture reaches a new milestone with the launch of its new name.
Maersk Drilling has been awarded a contract extension for the jack-up rig Maersk Convincer by Brunei Shell Petroleum (BSP).
The Norwegian Petroleum Safety Authority (PSA) has concluded and published their investigation of the fatal incident on Maersk Interceptor 7 December 2017.
Maersk Drilling has been awarded three consecutive contracts for the Maersk Resolute and a contract extension for the Maersk Resolve, both operating in the Dutch sector of the North Sea.
A 50:50 joint venture (JV) between Maersk Drilling and Maersk Supply Service will leverage the companies’ heritage of over 50 years of safe and efficient operations to provide decommissioning services to oil and gas operators.
Maersk Drilling has been awarded a four year contract for the deep-water drillship Maersk Venturer by Tullow Ghana Ltd.
Maersk Drilling has been awarded a contract extension for the jack-up rig Maersk Intrepid by Total E&P Norge AS.
A.P. Møller - Mærsk A/S [A.P. Moller - Maersk] and Egyptian General Petroleum Corporation [EGPC] has today signed an agreement whereby EGPC will acquire A.P. Moller - Maersk’s 50 percent shareholding in Egyptian Drilling Company [EDC] for USD 100m in an all-cash transaction.
Friday 8 December at 11.00 CET Maersk Drilling and Aker BP held a joint press briefing in regard to the incident at Maersk Interceptor at the Tambar field. The press briefing took place at Aker BP's offices in Stavanger, Norway.
UPDATE - Copenhagen, 8 December at 14.00: Today, Friday 8 December at 11.00, Maersk Drilling and Aker BP held a joint press briefing in Stavanger, Norway. Please find a recording of the briefing here: https://www.akerbp.com/opptak-av-pressebriefing/.
Maersk Drilling has entered into a jack-up alliance agreement with Aker BP ASA (Aker BP). The alliance is founded on a unique tripartite collaboration model that also includes service provider Halliburton.
Maersk Drilling has been awarded a new major contract in the North Sea for the combined drilling and production jack-up Mærsk Inspirer by Repsol
Maersk Drilling has been awarded a contract by Nexen Petroleum U.K. Limited following a competitive tender exercise for the drilling of three wells and options for nine additional wells at UK’s largest producing oil field, the Buzzard field in the Central North Sea.
Maersk Drilling has been awarded two contract extensions in the North Sea. Both rigs have recently been re-activated to the North Sea from warm stacking. The estimated duration of the two extensions is 105 days.
The Semi-submersible Maersk Deliverer has been awarded a contract in Southeast Asia by Total E&P Malaysia. With an estimated duration of 60 days, the contract covers the drilling of one exploration well in the Block DW-N Sabah located offshore Malaysia.
Semi-submersible Maersk Deliverer has been awarded a new contract by JX Nippon with an estimated duration of 30 days
Maersk Drilling has been awarded a contract by Shell for the deepwater semi-submersible rig Mærsk Developer. The contract covers the drilling and completion of three wells, and the suspension of one well, all located in block E of the East Coast Marine Area (ECMA) offshore Trinidad.
Maersk Drilling reported a profit of USD 28m. The result was impacted negatively by rigs being idle as well as temporary downtime on two rigs during the quarter. Though unsatisfactory, the result is as expected given the current market environment. Maersk Drilling today announces the award of one new contract and two contract extensions adding more than 13 months to the backlog.
Following the positive outcome of their pilot project, GE (NYSE: GE) and Maersk Drilling have extended the scope of their digital partnership. The collaboration brings the next big step in innovative efficiency services to the offshore market and constitutes great value for customers by enhancing drilling productivity.
Since 28 May, the diesel engines on the Maersk Invincible have been switched off. The rig is now running entirely on hydropower from the shore.
Maersk Drilling has been awarded a contract for the high efficiency jack-up, Maersk Resolve, by Wintershall Noordzee B.V. The one-well contract will have a duration of approximately 86 days, with further options included.
Maersk Drilling has been awarded a contract extension for the ultra-deepwater drillship Maersk Viking, by oil major ExxonMobil. The estimated value of the contract extension is USD 22.5m, with a duration of 150 days.
Maersk Drilling reported a profit of USD 48m (USD 222m), generating a ROIC of 3.0% (11.2%). The result is impacted by a significant number of rigs currently idle. However, higher operational uptime, further cost savings and lower depreciation due to the impairments in Q4 2016 positively impacted the result.
Maersk Drilling has been awarded a contract for the harsh environment jack-up rig Mærsk Gallant, following a competitive tendering exercise by Nexen Petroleum U.K. Limited, a wholly owned subsidiary of CNOOC Limited.
Maersk Drilling reported a loss of USD 694m (profit of USD 751m) and a ROIC of negative 9.0% (positive 9.3%). The result was negatively impacted by impairments of USD 1.5bn (USD 27m), primarily related to the deepwater segment due to significant oversupply and reduced long-term demand expectations as a consequence of lower offshore spending. However, the underlying profit of USD 743m (USD 732m) was positively impacted by termination fees of approximately USD 150m moved from 2017 to 2016, savings on operating costs and high operational uptime offset by ten rigs being idle or partly idle versus three rigs last year.
Maersk Drilling has been awarded a new contract with Petrogas E&P Netherlands B.V. for the High Efficiency jack-up, Maersk Resolute. The firm contract covers the drilling of the two wells, A8 and A9 in the A12 block of the Dutch continental shelf. The drilling of the two wells is estimated to have a duration of 75 days. Furthermore, an option to extend the contract for up to five additional wells exist.
Maersk Drilling has been awarded a one well contract with Repsol Colombia for the deepwater semi-submersible, Mærsk Developer. The contract covers the drilling of the Siluro-1 Exploration Prospect well, estimated to have a duration of 42 days. The estimated contract value is USD 12 million, including mobilization and demobilization.
Maersk Drilling and National Oilwell Varco have entered into a five-year partnership to improve maintenance predictability for drilling equipment. The shared vision behind the partnership is to implement a new maintenance mind-set which will increase value for customers by minimising operational down time, while lowering maintenance cost levels.
With help from digital industrial giant General Electric, data from a large amount of sophisticated sensors on a drilling rig are now being processed and analysed online. The objective: To increase drilling productivity and reduce maintenance costs significantly.
Maersk Drilling delivered a profit of USD 340m (USD 184m) in the third quarter of 2016. The profit was positively impacted by USD 210m due to the early contract termination of Maersk Valiant, as well as strong operational performance with an average uptime of 98% and savings on operating costs, partly offset by more idle days. The underlying profit was USD 340m (USD 172m), generating a ROIC of 17.2% (9.0%).
Maersk Drilling is reducing its headquarter organisation by up to 70 positions of which approximately 20 are expected to be vacancies that will not be filled. This is a response to the continued market decline and reduced activity level in the oil industry.
Maersk Drilling’s fourth XL Enhanced ultra harsh environment jack-up was named Friday morning at a ceremony held at the Daewoo Shipbuilding and Marine Engineering (DSME) shipyard in South Korea. Mrs. Bente Norheim, wife of Jan Norheim, Managing Director of BP Norge, honoured Maersk Drilling by naming the rig Maersk Invincible.
Maersk Drilling has been awarded a contract for the jack-up rig Mærsk Gallant with Maersk Oil. The contract covers the plugging and abandonment of the Leadon and James subsea fields in the UK sector of the North Sea. The duration of the contract is estimated to 230 days, with commencement in February 2017. The estimated contract value is USD 24m.
With a total depth of 5,941 metres, Mærsk Gallant has beaten the record for deepest well ever drilled on the Norwegian continental shelf.
Lady Sponsor Gretchen H. Watkins, COO at Maersk Oil, has named Maersk Drilling’s newest asset at a ceremony at Invergordon, Scotland. Maersk Highlander is now ready for the job.
Maersk Drilling delivered a profit of USD 164m (USD 218m) in the second quarter of 2016. The result is positively impacted by a strong operational performance with an average uptime of 98% and savings on operating costs, however partly offset by more idle days. The underlying profit was USD 164m (USD 189m), generating a ROIC of 8.3% (10.6%).
Maersk Drilling has entered into a definitive agreement to acquire the newbuild harsh environment jack-up rig, formerly named Hercules Highlander, from a subsidiary of Hercules Offshore (Nasdaq: HERO) and with immediate delivery from Jurong Shipyard Pte Ltd (Jurong) in Singapore.
Maersk Drilling delivered a profit of USD 222m (USD 168m) in the first quarter of 2016. The result is positively impacted by a continued good performance with an average uptime of 97% and savings on operating costs partly offset by more idle days. Furthermore, the result is positively impactd by USD 60m due to the early termination of the Mærsk Deliverer contract. The underlying profit was USD 222m (USD 195m) generating a ROIC of 11.2% (8.5%).
Statoil has cancelled the contract for the harsh environment jack-up rig Mærsk Gallant. A cancellation fee is due to Maersk Drilling, and will be handled in accordance with the contract. Concurrently, Maersk Drilling has signed a new contract with Total E&P Norge A/S for Mærsk Gallant in direct continuation of the cancelled contract. The contract cancellation and new contract will be financially neutral to Maersk Drilling.
Maersk Drilling delivered the best result ever with a profit of USD 751m (USD 478m) in 2015 generating a ROIC of 9.3% (7.1%). The result was positively impacted by continued strong operational performance, fleet growth and general cost savings. However, increased idle time negatively affected the results. The underlying profit was USD 732m (USD 471m).
Maersk Drilling has been awarded a contract with Maersk Oil for the jack-up rig Maersk Guardian for accommodation on various fields in the Danish part of the North Sea. The firm contract duration is 5 years with commencement in September 2016. The contract includes two 1-year options. The estimated contract value for the firm contract period is USD 142m.
Maersk Drilling has been awarded a contract for the drillship Maersk Venturer with oil major Total. The contract covers one exploration well (estimated duration 120 days) in block 14 offshore Uruguay. The estimated contract value for the programme is USD 44m excluding mobilisation. The drilling programme is expected to commence in March 2016.
Interview: “We believe that the ownership we take for improving in all aspects of drilling the well is what sets us apart from the competition.” Director Thomas Falk outlines the perspective of the three-year contract extension with BP.
An extremely important contract extension in an extremely harsh business environment.
Maersk Drilling delivered a profit of USD 184m (USD 192m) in the third quarter of 2015 generating a ROIC of 9.0% (10.7%). The result was positively impacted by continued strong operational performance, fleet growth and general cost savings. However, increased idle time negatively affected the results. The result was further affected by an additional gain of USD 9m (USD 73m) related to the sale of the Venezuelan business in 2014. The underlying profit for the quarter was USD 172m (USD 118m).
Maersk Drilling has been awarded a new contract for the jack-up rig Maersk Resilient with Danish oil company Maersk Oil. The firm contract is for three years with an estimated contract value of USD 110m. Commencement is expected in October 2015, and Maersk Resilient will do work at various fields in the Danish sector of the North Sea.
Maersk Drilling delivered a profit of USD 218m (USD 117m) in the second quarter of 2015. The result was positively impacted by continued strong operational performance, fleet growth, general cost savings and a USD 29m payment related to the divestment of the Venezuelan activities in 2014. The result was negatively impacted by three rigs being idle. The underlying profit for the quarter was USD 189m (USD 117m) generating a ROIC of 10.6% (7.2%).
Maersk Drilling has been awarded a new contract for the jack-up rig Mærsk Giant with Danish energy utility DONG Energy. The firm contract covers 150 days of work on the Nini and Siri field in the Danish part of the North Sea. The estimated contract value is USD 16m. The contract is in direct continuation of the current contract with Talisman keeping Maersk Giant employed until March 2016.
Maersk Drilling has been awarded a contract extension for the jack-up rig Mærsk Innovator with ConocoPhillips Norway for work on the Eldfisk field, part of the greater Ekofisk area, offshore Norway. The duration of the contract extension is 16 months.
Maersk Drilling has been awarded a 5-year contract extension for the semi-submersible Heydar Aliyev rig with BP Exploration (Shah Deniz) Limited acting as Operator of the Shah Deniz field . The rig will continue working on the development of the Shah Deniz field in the Caspian Sea offshore Azerbaijan. The extension is in direct continuation of the current contract ending May 2016 and extends the contract until May 2021. The estimated value of the contract extension is up to USD 523m.
Maersk Drilling delivered a profit of USD 168m (USD 116m) in the first quarter of 2015. The result was positively impacted by fleet growth and continued good operational performance, but partly offset by two rigs being idle. The underlying profit for the quarter was USD 195m (USD 109m) generating a ROIC of 8.5% (8.1%).
Maersk Drilling has been awarded a contract from eni Ghana Exploration and Production Ltd., an eni subsidiary, for employment of the newbuild drillship Maersk Voyager. The firm contract period is 3.5 years with an option to extend by one year. The total estimated revenue from the firm contract is USD 545m including mobilisation and escalations. Maersk Voyager will work on the Offshore Cape Three Points (OCTP) Project offshore Ghana with expected commencement in July 2015.
In 2014 Maersk Drilling delivered a profit of USD 478 (USD 528m). The profit was positively impacted by high operational uptime as well as a gain of USD 73m relating to the divestment of the drilling barge activities in Venezuela. However, the result was negatively affected by impairments of USD 85m and the high number of yard stays. The underlying profit of USD 471m (USD 524m) was in line with expectations.
Maersk Drilling’s third XL Enhanced ultra harsh environment jack-up was named Saturday morning at a ceremony held at the Keppel FELS shipyard in Singapore. Mrs. Margareth Øvrum, Executive Vice President in Statoil, honoured Maersk Drilling by naming the rig Maersk Integrator.
In response to a weakened market for offshore rigs with lower utilisation and day rates, Maersk Drilling has initiated a larger cost reduction and efficiency enhancement programme. As part of this program, Maersk Drilling has today announced a reduction of 90 positions in the head office, of which 40-50 are to be found through redundancies.