Maersk Drilling CEO: Debt in offshore is six times higher than the market value

The drilling industry's combined debt is six times higher than the market value, says Maersk Drilling CEO Jørn Madsen. It is important to differentiate between short- and long-term debt, Transocean CFO tells ShippingWatch.

Jørn Madsen is CEO of Maersk Drilling. | Photo: PR/Maersk Drilling

The drilling companies' debt to creditors is currently significantly higher than their combined market value, said Maersk Drilling CEO Jørn Madsen on Wednesday when he was part of panel debate in London at Nordea's conference for shipping, offshore and oil.

In the panel, several drilling top executives put into words their expectations for how the market can improve in the longer term. But they also commented on the challenges in a 2019 that has so far seen share prices drop dramatically across the companies, many of which have reported large deficits following impairments.

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