Today, the Board of Directors of
Financial performance for 2020 (2019 in brackets)
- Revenue of
USD 1,096m (USD 1,222m ) - EBITDA before special items of
USD 289m (USD 415m ) - Cash flow from operating activities of
USD 267m (USD 420m ) - Capital expenditures of
USD 162m (USD 309m ) - Free cash flow of
USD 17m (USD 32m ) - Net debt of
USD 1,059m at31 December 2020 (USD 1,099m at31 December 2019 ) - Leverage of 3.7x at
31 December 2020 (2.6x at31 December 2019 ) - Liquidity reserves of
USD 626m at31 December 2020 (USD 710m at31 December 2019 )
Performance highlights for Q4 2020 (Q3 2020 in brackets)
- Revenue of
USD 286m (USD 226m ) - Contracted days of 1,204 (1,146)
- Utilisation of 59% (58%)
- Average day rate of
USD 238k (USD 197k ) - Financial uptime of 98.9% (99.8%)
- Secured contracts with a total contract value of
USD 70m (USD 132m ) - Revenue backlog of
USD 1.3bn at31 December 2020 (USD 1.5bn at30 September 2020 )
CEO
“I am proud that we weathered the storm, in particular due to our employees’ unwavering dedication and a strong operational performance under very difficult circumstances. Thanks to our good customer relationships, we are seeing increasing commercial activity, as witnessed by the significant increase in our contracting activity in the beginning of 2021. We continue to take measures to optimise our business and remain well-positioned to win in the market with good earnings visibility and with an industry-leading climate ambition and continued focus on value creation for our customers.”
Financial and operational development
In 2020, EBITDA before special items amounted to
Capital expenditures amounted to
In 2020, Maersk Drilling managed to safeguard the safety and the quality of its operation during the extraordinary operating environment. In 2020, the Lost Time Incidents frequency improved to 0.44 (0.75), the financial uptime remained high at 98.9% (98.9%), and the customer satisfaction score increased to 6.7 (6.5) measured on a 1-7 scale.
Despite challenging market conditions, Maersk Drilling managed to secure 19 new contracts and contract extensions during 2020, adding
At the end of 2020, the contract backlog amounted to
During 2020, Maersk Drilling upgraded two of its modern harsh environment jack-up rigs to perform hybrid, low-emission drilling in
Guidance 2021
In 2021, profit before depreciation and amortisation, impairment losses/reversals and special items (EBITDA before special items) is expected to be in the range of
In 2021, capital expenditures are expected to be in the range of
Webcast
In connection with the release of the Annual Report for 2020, a conference call for investors and analysts is scheduled today at 10:00 (
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.
Other annual publications
In addition to the Annual Report, the following documents are today released and made available at the Maersk Drilling website:
- Fleet status report
- Historical financials
- Sustainability Report
- Annual Remuneration Report
- Corporate Governance Statement
For further information, please contact:
Head of Investor Relations
+45 2328 5733
Michael.Harboe-Jorgensen@maerskdrilling.com
Head of Media Relations
+45 2790 3102
Kristoffer.Apollo@maerskdrilling.com
Attachments
- Company Announcement - 002 - 12022021 - Annual Report 2020
- Historical Financials - Q4 2020
- Fleet Status Report -
February 2021
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