Maersk Likely to Shelve Plans to List Drilling Division
Shipping group A.P. Moller-Maersk is likely to shelve plans to list its struggling offshore drilling division because of weak market conditions, according to five finance sources familiar with the matter.The Danish company is now expected to focus on a trade sale of Maersk Drilling, and extend the timeline to divest the unit beyond its initial target of the end of 2018, said the sources who declined to be named as the discussions are private.Maersk group has not publicly put a price tag on the division, but analysts value it at around $4.8 billion.It has not yet received any firm offers for the unit
Maersk Drilling Delivers $164m Profit
costs are both contributing factors to the satisfactory result we deliver in the second quarter. However, Maersk Drilling continues to be affected by the lack of activity and lower dayrates in the market,” says Claus V. Hemmingsen, CEO in Maersk Drilling and member of the Executive Board in the Maersk Group. At the end of Q2 2016, Maersk Drilling’s forward contract coverage was 73% for the rest of 2016 and 56% for 2017 and 45% for 2018. The total revenue backlog by end Q2 2016 amounted to USD 4.7bn (USD 5.3bn). Since the launch of the cost reduction and efficiency enhancement programme
Ardent and Ardentia Join Forces
at 2.7 km underwater with remote operated vehicles in 2015. Ardentia has also completed the fuel and bunker removal of the M/T Woodford at 85m underwater in 2012, and the wreck removal of the trawler Santa Ana in Cabo Peñas, Spain. In May, 2015, Svitzer Salvage, a part of the Maersk Group, and Titan Salvage, under the Crowley Group, merged to form Ardent. Ardent sustains one of the most robust maritime preparedness programs in the industry for all vessels
Maersk Drilling Acquires Newbuild Jackup from Hercules
agreement represents an opportunity for Maersk Drilling to acquire a newbuild harsh environment jack-up backed by a firm long-term contract. We look forward to working with Maersk Oil and its partners on the Culzean gas field,” says CEO in Maersk Drilling and member of the Executive Board in the Maersk Group, Claus V. Hemmingsen. The rig design is Friede & Goldman JU2000E, categorised as a 400ft rig, with 30,000ft drilling depth and HPHT (High Pressure High Temperature) capabilities. The rig has accommodation capacity for up to 150 personnel. The rig will enter the Maersk Drilling
Maersk Drilling Profit Up
market conditions are very dominant, and despite our good operational performance, Maersk Drilling is also affected by the lack of activity and lower dayrates in the market and will be all through 2016,” says Claus V. Hemmingsen, CEO in Maersk Drilling and member of the Executive Board in the Maersk Group. Maersk Drilling saw two contract terminations in the first quarter of 2016. The contract for the harsh environment jack-up Mærsk Gallant was cancelled, but concurrently Maersk Drilling signed a new contract in direct continuation of the cancelled contract. Furthermore, Maersk Drilling
Maersk Venturer to Drill for Total
with Total many times over the years. Total is a highly valued customer of Maersk Drilling, and we are very pleased with being selected by Total to drill their first exploration well offshore Uruguay,” says Claus V. Hemmingsen, CEO in Maersk Drilling and member of the Executive Board in the Maersk Group and continues: “With this contract, we continue to build our contract backlog and secure work for our rigs and people, which is very encouraging in this challenging market.” Maersk Venturer is the third in a series of four ultra deepwater drillships in Maersk Drilling&rsquo
Maersk Resilient Contracted for Danish North Sea Sector
Resilient will do work at various fields in the Danish sector of the North Sea. “We are very pleased with this new contract for Maersk Resilient with Maersk Oil, a key customer in the North Sea,” says Claus V. Hemmingsen, CEO in Maersk Drilling and member of the Executive Board in the Maersk Group. Maersk Resilient has since May 2015 been stacked at Invergordon in Scotland, where the rig has undergone various maintenance work. “Maersk Drilling has to continue its excellent performance and continue to build our already strong backlog in order to navigate the low visibility
Maersk Seeks to Shut Janice in UK North Sea
; Maersk Oil Chief Operating Officer Gretchen Watkins said. Maersk Oil, a unit of shipping and oil group A.P. Moller-Maersk, also said it is considering a move to "three weeks on, three weeks off" offshore rotation to be implemented in the second quarter of 2016 in the UK. The Maersk Group said earlier this month a variety of targets for its oil-related units including also Maersk Drilling, APM Terminals and APM Shipping Services would be replaced due to the "volatile environment" caused by oil prices. (Reporting by Sabina Zawadzki, additional reporting
Maersk Drilling Navigates Low Market Visibility
. Our focus on operational performance and cost savings continue to pay off and it enhanced our strong foundation for our future competitiveness. Meanwhile, we continue to improve our safety performance,” says Claus V. Hemmingsen, CEO in Maersk Drilling and member of the Executive Board in the Maersk Group. The running 12 months lost time incidents frequency (LTIf) was 0.26 (1.02) per million working hours. At the end of Q2 2015, Maersk Drilling’s forward contract coverage was 83% for the rest of 2015, 61% for 2016 and 32% for 2017. The total revenue backlog by the end Q2 2015 amounted
February 2025
