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.

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