Maersk Drilling in $1.67bn Q3 loss, 'structural solution' expected within 12 months

As AP Moller - Maersk seeks to exit energy related business offshore rig owning company Maersk Drilling reported a $1.67bn loss for Q3, hit by impairments of $1.75bn.

Maersk Drilling was classified as an asset held for sale with the Danish company saying its expects to find a “structural solution” for the business in the next 12 months. Houston based rigowner Rowan has been reported to be talks to buy the Danish company.

As well as reporting a $1.67bn loss for Q3 Maersk Drilling saw a 48% drop in revenues to $380m in the third quarter this year compared to $733m a year earlier.

“The offshore drilling industry has seen improving tender activity during the quarter, but with day rates still at a low level,” Maersk commented.

The company has already agreed to sell Maersk Oil to Total for $7.45bn, while Maersk Tankers has been sold to AP Moller Holding for $1.17bn.

The one remaining operating business in the energy division, OSV owner and operator Maersk Supply Service reported a net loss of $16m for Q3 2017, increasing from a $11m loss in the same period in 2017.

“A structural solution for Maersk Supply Service, remains to be defined before the end of 2018,” the company said.

Posted 07 November 2017

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Marcus Hand

Editor, Seatrade Maritime News

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