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Moeller Maersk Drilling DRLCOupdate Aug. 18th, 2020 

This is not a recommendation or proposal to do anything. The data written in this article is not guarranteed. It is my private personal opinion. I`m not independing as I own a position of Moeller Maersk Drilling shares. 

 

Chances & Risks

The collapse of the oil price even before the corona panic reduced the demand for drilling ships significantly. The utilization of the fleet reduced to 66%. The cash flow is slightly negative the loss is a horror but mostly caused by impairment charges. 

 

At the moment it looks like many oil companies renegotiate contracts with service companies to improve their conditions. Which means it is not becoming better for the drilling companies. 

It would require a significant increase of the oil/gas prices to improve the situation of drilling companies like MMD. It might take time untill the situation will turn and an increased demand will meet with decreased capacities. 

 

Data & Information

The main asset of the company are 22 offshore rigs.  

 

                                                                        Guidance 20  H1/20    2019    2018    2015 

Utilization %                                                                            66

Contracted Days                                                                     1303

Revenue mio. $                                                                       584      1220    1430    2518

EBITDA/mio. $                                                                        140       415     595     1403

Net Cash Flow                                                                         -32

Profit/Loss (mio. $):                                                               -1534    -113     941      600
 
 eps $/share                                                                          -37        -2.7     22.7        
 
Capex (mio. $)                                                      150

Net Dept bn$:                                                                        1.1        1.1      1.1

Total assets bn$                                                                      3.9        5.5 

Dividend:               No Dividend paid!  

 

Share                              

41,532,112 shares of a nominal value of DKK 10 each. At 30 June 2020, the Company holds 243,164 treasury shares (30 June 2019: nil) and the average number of shares in circulation during the first half of 2020 was 41,410,530. Maersk Drilling has one share class. Each share carries one vote and no restrictions on ownership or voting rights. Maersk Drilling is listed on Nasdaq Copenhagen (XCSE), trading under the ticker symbol DRLCO.

 

Shareholders

                                                                         

 
 

 

 

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A few references

 

1. https://www.seanews.co.uk/container-shipping-market-an-outlook-for-2018/

2. https://seekingalpha.com/news/3387060-maersk-tests-wind-power-cut-shipping-fuel-costs?ifp=0&v=1535715900

3. https://www.offshore-energy.biz/tullow-extends-maersk-drillship-charter-despite-cancellation-notice/

 

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