Maersk Drilling sees signs of continued recovery in offshore drilling market

Danish offshore driller Maersk Drilling returned to profit in 2018 from a loss in 2017 while its revenues decreased due to lower day rates. The driller has said in its annual report for 2018 it is seeing signs of continued recovery in the offshore drilling market.

In 2018, Maersk Drilling’s revenue declined by 1% to $1.429 billion from $1.439 billion in 2017 due to lower average day rates across the fleet, partly offset by an increased number of contracted days. In 2016 and 2015 the driller’s revenues were $2.3 billion and $2.5 billion, respectively.

The driller’s profit for the year was $941 million compared to a loss of $1.5 billion in 2017. It is worth noting that Maersk Drilling’s profit in 2018 was the highest in five years. Namely, in 2016 Maersk Drilling had a loss of $790 million, in 2015 a profit of $601 million, and a profit of $468 million in 2014.

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