Maersk Drilling revises down guidance for capex

Oil&Gas Materials 20 August 2021 10:57 (UTC +04:00)
Maersk Drilling revises down guidance for capex

BAKU, Azerbaijan, Aug.20

By Leman Zeynalova - Trend:

Capital expenditures of Maersk Drilling as of 2021 are expected to be in the range of USD 110–130m (previously USD 120-140m), Trend reports with reference to the company.

Profit before depreciation and amortisation, impairment losses/reversals and special items (EBITDA before special items) is expected to be in the range of USD 290-330m (previously USD 260-310m). The guidance range for EBITDA before special items reflects ordinary operational uncertainties, including general rig performance, mobilisation for and commencement of new contracts, and uncertainties regarding exercise of options and contract extensions for execution in 2021.

Revenue for Q2 2021 of USD 350m (USD 264m) was positively impacted by higher average day rates and utilisation, especially in the International segment. Excluding one-offs such as additional revenue for recharge of COVID-19 related costs, revenue for Q2 2021 was USD 342m (USD 261m). Financial uptime for Q2 2021 was high at 99.8 percent (92.9 percent), highlighting a strong operational performance after the downtime on Mærsk Deliverer due to equipment failure during the first quarter. The total number of contracted days increased significantly to 1,520 days in Q2 2021 (1,199 days) resulting in higher utilisation for Q2 2021 of 80 percent (61 percent). The average day rate was USD 230k in Q2 2021 (USD 220k) positively impacted by an increase in revenue from additional services. The average day rate was further impacted by COVID-19 related costs being passed on to customers mainly in the International floater segment. Excluding the effect of one-offs such as the COVID-19 recharges, the average day rate was USD 225k in Q2 2021 (USD 217k).

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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