Maersk Drilling’s average day rate up in int’l floater segment

Oil&Gas Materials 18 February 2021 13:36 (UTC +04:00)
Maersk Drilling’s average day rate up in int’l floater segment

BAKU, Azerbaijan, Feb.18

By Leman Zeynalova - Trend:

Denmark-based Maersk Drilling saw an increase in the international floater segment in 2020 year-on-year, Trend reports with reference to the company.

Revenue in the International floater segment of USD 460m in 2020 (USD 395m) increased compared to 2019 primarily due to better average day rates and a higher activity level, reflected in more contracted days. As available days also increased due to fewer yardstays, utilisation was in line with 2019.

The financial uptime for the year reached 97.9 percent (97.1 percent) supported by strong operational performance throughout the COVID-19 pandemic but negatively impacted by unscheduled maintenance down-time. The average day rate increased to USD 239k (USD 220k) due to the startup of longer-term contracts and additional revenue received for COVID-19 related costs being recharged to customers. Excluding the impact from COVID-19 related recharges and lump sum termination fees received, the average day rate was USD 224k (USD 220k).

EBITDA before special items amounted to USD 18m (USD 28m), reflecting the low day rates prevailing in this segment as well as reactivation costs for several previously stacked Deepwater units which commenced contracts during 2020. The EBITDA margin for the International Floater segment remained at a depressed level at 4 (7 percent).

Maersk Drilling is a leading offshore drilling operator, working everywhere from the North Sea to Ghana to Timor-Leste. It is increasingly providing third-party services and partnering with its customers on innovative technologies and new commercial models. Together, the company is reducing the complexity, cost, and risk of drilling campaigns to improve the competitiveness of offshore oil and gas for its customers.


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