ShippingWatch

Maersk Drilling's top line recedes in tough first quarter

Lower rates put a strain on Maersk Drilling's revenue in the first quarter of the year, and the company has since been notified of early contract terminations. Maersk Drilling recently announced that it plans to lay off people in the North Sea as well as onshore.

Photo: Maersk Drilling

Rig company Maersk Drilling's revenue declined in the first three months of the year, when daily rates dropped compared to last year, shows a trading update on the company's results from the first quarter.

Revenue dropped to USD 279 million in the first quarter compared to USD 308 million in the same period last year. The revenue drop is largely attributable to a drop in average day rates to USD 179,000 from USD 208,000 in the first quarter of 2019.

Read the whole article

Get 14 days free access.
No credit card required.

Get full access for you and your coworkers.

Start a free company trial today

More from ShippingWatch

New Pacific Basin CEO presents strategy in first public appearance

Martin Fruergaard has presented his key strategy in his first public appearance as the new CEO of Hong Kong-based Pacific Basin. The dry bulk operator has posted unusually strong half-year results on the back of a market upturn that by all appearances has only just begun.

Finnlines sees gains despite Covid-19 restrictions

Ferry and RoRo operator Finnlines saw growth in several areas in the second quarter of the years although the Covid-19 continues to put pressure on the passenger business. Larger cargo volumes helped boost the revenue.

Further reading

Related articles

Trial banner

Latest news

See all jobs