Rig company Maersk Drilling, which is set to merge with US company Noble, saw its revenue decrease in the first quarter. The company maintains expectations.
Danish rig company Maersk Drilling saw a declining revenue in the year’s first three months.
Overall, revenue dived to USD 248m compared to USD 320m in 2021’s fourth quarter. This was also a decline from USD 264m in Q1 2021.
According to the company, the result is due to a lower fleet utilization rate while six rigs have been under preparation for new contracts during the quarter.
A full market recovery is evident in the floater segment in particular
JØRN MADSEN, CEO, MAERSK DRILLING
This is evident from Maersk Drilling’s first-quarter report.
“I am very pleased with our commercial and operational performance during the first quarter. I am particularly proud of our safety performance where we are seeing continued improvements,” states CEO Jørn Madsen in the report.
”We added USD 357m to our backlog which is now at its highest since 2019 and we maintained a very high level of financial uptime while successfully preparing multiple rigs for contracts. A full market recovery is evident in the floater segment in particular,” he adds.
Maersk Drilling’s Q1 fleet utilization increased to 68% from 61% in 2021. In comparison with Q4 2021, however, it was a significant dive from 78%.
The number of contract days fell to 1,158 days in Q1 against 1,376 days in last year’s Q4.
The average day rate for Maersk Drilling’s rigs was USD 214,000 during the quarter.
Maintains expectations
Maersk Drilling holds on to its full-year 2022 expectations, which were announced in February.
The company forecasts earnings before interest, taxes, depreciations and amortizations (EBITDA) of USD 210-250m and an investment level (capex) of USD 120-140m.
