Maersk Drilling sees decrease in H12021 net debt

Oil&Gas Materials 23 August 2021 10:16 (UTC +04:00)

BAKU, Azerbaijan, Aug.23

By Leman Zeynalova – Trend:

At 30 June 2021, net debt of Denmark-based Maersk Drilling amounted to USD 1,009m (31 December 2020: USD 1,059m), comprising gross borrowings of USD 1,179m (31 December 2020: USD 1,254m), lease liabilities of USD 29m (31 December 2020: USD 31m), and cash and bank balances of USD 199m (31 December 2020: USD 226m), Trend reports with reference to the company.

The overall objective of Maersk Drilling’s financial policy is to enable Maersk Drilling to manage through the cyclicality that characterises the offshore drilling industry with the aim to create long-term shareholder value. The financial policy ensures a high degree of financial flexibility, a long-term funding view to minimize refinancing risks and that Maersk Drilling continues to have a robust capital structure through the business cycle.

At 30 June 2021, liquidity reserves amounted to USD 599m (31 December 2020: USD 626m), comprising cash and bank balances of USD 199m (31 December 2020: USD 226m) and a fully available undrawn revolving credit facility of USD 400m (31 December 2020: USD 400m). The leverage (net interest-bearing debt to last twelve months EBITDA before special items) was 3.6x (31 December 2020: 3.7x).

At 30 June 2021, equity amounted to USD 2,050m compared to USD 2,017m at 31 December 2020, positively impacted by the net profit for the period of USD 29m.

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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