Maersk Drilling releases Q3 2021 Trading Statement: Strong operational performance, highest fleet-wide utilisation as a listed company
Today, the Board of Directors of The Drilling Company of 1972 A/S (“Maersk Drilling”) has adopted the trading statement for the third quarter of 2021 (Q3 2021):
Performance highlights for Q3 2021 (Q2 2021 in brackets)
- Revenue of USD 333m (USD 350m)
- Contracted days were 1,520 (1,520) resulting in a utilisation of 83% (80%)
- Average day rate of USD 219k (USD 230k)
- Financial uptime of 99.2% (99.8%)
- Secured contracts with a total contract value of USD 81m (USD 129m)
- Revenue backlog of USD 1.5bn at 30 September 2021 (USD 1.6bn at 30 June 2021). Forward contract coverage for the remainder of 2021 of 73% and 37% for 2022
- Divestment of Mærsk Inspirer completed subsequent to quarter end. Pro-forma, revenue backlog decreased to USD 1.0bn and forward contract coverage for the remainder of 2021 is 72% and 34% for 2022.
The full-year guidance for 2021 as revised on 19 August 2021 is maintained:
- 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.
- Capital expenditures are expected to be in the range of USD 110-130m.
The guidance range reflects ordinary operational and performance uncertainties.
CEO Jørn Madsen quote
“I am pleased with our strong operational performance and high-quality service delivery across the Maersk Drilling rig fleet, which keeps us on track to deliver as promised in 2021. The successful closing of the Mærsk Inspirer transaction has significantly bolstered our balance sheet and provides financial flexibility in a market that continues to show clear signs of recovery, albeit with a challenging short-term outlook in the Norwegian jack-up sub-segment.”
In connection with the release of the Q3 2021 trading statement, a conference call for investors and analysts is scheduled today at 10:00 (10:00 a.m.) CET. On the call, CEO Jørn Madsen and CFO Christine Morris will present the Q3 2021 trading statement. 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.
For further information, please contact:
Head of Investor Relations
+45 2328 5733
Head of Media Relations
+45 2790 3102
- Fleet Status Report - November 2021
- Historical Financials - Q3 2021
- Q3 2021 Trading Statement
- Company announcement - 013 - 03112021 - Q3 2021 Trading Statement