BAKU, Azerbaijan, Aug.20
By Leman Zeynalova - Trend:
Operating costs of Danish Maersk Drilling increased to USD 451m from USD 416m in the first half of 2020 primarily due to reactivation and mobilisation costs for previously stacked rigs, which were reactivated to commence contracts during the first half of 2021, Trend reports with reference to the company.
Sales, general and administrative expenses (SG&A) were on par with last year at USD 39m compared to USD 38m in the first half of 2020.
For the first six months of 2021, EBITDA before special items was USD 163m (USD 168m), equal to a margin of 26.5 percent (28.8 percent), negatively impacted by increased reactivation costs for several previously stacked units which commenced contracts during the first half of 2021, partly offset by higher revenue due to additional services rendered. EBITDA before special items was USD 130m (USD 143m) for the North Sea jack-up segment and USD 25m (USD 23m) for the International floater segment, respectively. The decline in the North Sea jack-up segment was primarily due to lower utilisation, with three warm-stacked rigs, as well as reactivation costs.
Special items amounted to a cost of USD 11m (USD 28m) comprising USD 1m of redundancy costs from the establishment of virtual rig teams and a new technical hub in Gdansk and net COVID-19 related costs of USD 10m. Special items incurred in the first half of 2020 comprised redundancy costs from the reduction of the offshore and the onshore organisation of USD 23m and COVID-19 related costs not recharged to customers of USD 5m.
Maersk Drilling is a leading offshore drilling operator, working everywhere from the North Sea to Ghana to Timor-Leste. It is increasingly providing third-party services and partnering with its customers on innovative technologies and new commercial models. Together, the company is reducing the complexity, cost, and risk of drilling campaigns to improve the competitiveness of offshore oil and gas for its customers.
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