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

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.

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