Maersk Drilling releases Interim Financial Report for the first half of 2019: Delivering according to plan
Today, the Board of Directors of The Drilling Company of 1972 A/S (“Maersk Drilling”) has adopted the Interim Financial Report for the first half of 2019:
Financial performance for the first half of 2019 (first half of 2018 in brackets)
- Revenue of USD 623m (USD 742m)
- EBITDA before special items of USD 231m (USD 309m) equal to a margin of 37.1% (41.6%)
- Cash flow from operating activities of USD 205m (USD 282m) equal to a cash conversion of 94% (92%)
- Capex of USD 156m (USD 44m) in line with expectations impacted by yard stays
- Adjusted free cash flow of USD 48m (USD 246m)
- Net debt of USD 1,121m by 30 June 2019 (USD 1,097m by 31 December 2018) and liquidity reserves of USD 754m by 30 June 2019 (USD 772m by 31 December 2018)
Performance highlights for Q2 2019 (Q1 2019 in brackets)
- Revenue of USD 315m (USD 308m)
- Contracted days of 1,704 (1,475)
- Utilisation of 82% (73%)
- Average day rate of USD 185k (USD 208k)
- Financial uptime of 98.9% (99.9%)
- Secured contracts with a total contract value of USD 397m (USD 72m)
- Revenue backlog of USD 2.3bn by 30 June 2019 (USD 2.2bn by 31 March 2019)
The previously announced full-year guidance for 2019 is maintained:
- 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
“In the first half of 2019, we delivered according to plan and remain well on track to deliver our full-year guidance. We managed to grow our backlog to USD 2.3bn improving the future revenue visibility.
In light of the challenging markets, I am pleased with our continued industry-leading operating margin, positive free cash flows and robust balance sheet.”
In connection with the release of the H1 2019 Interim Financial Report, a conference call for investors and analysts is scheduled today at 14:00 (02:00 p.m.) CEST. At the call, CEO Jorn Madsen and CFO Jesper Ridder Olsen will present the Interim Financial Report. The presentation will be followed by a Q&A session.
The conference call can be followed live via webcast here.
The presentation slides for the conference call will be available beforehand here.
A replay of the conference call will be available afterwards on the Investor Relations site here.
For further information, please contact:
Head of Investor Relations
+45 2328 5733
Senior Press Officer
+45 2790 3102