Maersk Drilling releases Trading Statement for Q3 2019: Maintaining profit guidance, lowering capex guidance
Today, the Board of Directors of The Drilling Company of 1972 A/S (“Maersk Drilling”) has adopted the Trading Statement for third quarter of 2019 (Q3 2019):
Performance highlights for Q3 2019 (Q2 2019 in brackets)
- Revenue of USD 294m (USD 315m)
- Financial uptime of 98.2% (98.9%)
- Number of contracted days of 1,608 corresponding to utilisation of 76% (1,704 contracted days corresponding to utilisation of 82%)
- Average day rate of USD 183k (USD 185k)
- Secured contracts in Q3 2019 with a total value of USD 103m
- Revenue backlog as of 30 September 2019 of USD 2.2bn with a forward contract coverage for the remaining part of 2019 of 71%
- Since end of Q3 2019, six additional contracts with a total value of USD 126m have been secured
The full-year guidance for 2019 is as follows:
- Profit before depreciation and amortisation, impairment losses/reversals and special items (EBITDA before special items) is expected to be around USD 400m (unchanged)
- Capital expenditures are now expected to be around USD 300m (previously in the level of USD 300-350m)
The reduced forecast for capital expenditures is due to timing of 5-yearly SPS yard stays and lower than expected expenditures on completed yard stays.
CEO Jorn Madsen quote
“Our 2019 performance remains on track and we maintain our full-year profit guidance. We continue to see a recovering market although the duration of new contracts remains relatively short. I am pleased that we have secured several new contracts at improved day rate levels.”
In connection with the release of the Q3 2019 trading statement, Maersk Drilling Executive Management will host a conference call via webcast on Wednesday 27 November 2019 at 10:00 a.m. CET.
The conference call can be followed live via webcast here.
The presentation slides for the conference call will be available beforehand here.
For further information, please contact:
Head of Investor Relations
+45 2328 5733
Senior Press Officer
+45 2790 3102