Maersk Drilling is “on track” to meet its foretasted targets thanks to securing additional contracts since its AP Moller-Maersk demerger, the firms boss has said.
The firm reported revenues of just under £230 million for the third quarter of 2019.
Maersk Drilling posted pre-tax profits of £756m last year.
The firm’s chief executive Jorn Madsen said his firm was “on track” to deliver over £310 million in earnings and that he expects capital expenditure to reach £230m for 2019.
He added: “We’ve lowered the expected CAPEX spend to the lower part of the guidance so it’s now closer to $300m (£230m).
“The reason for that is that we have found savings in our projects because we are postponing a little into 2020, which I’m happy about because we spent less capital on investment.”
Mr Madsen said he felt the split from AP Moller-Maersk had gone “very well” and that his firm had established itself as a fully-listed company.
Danish conglomerate AP Moller-Maersk had been planning to shift away from the energy sector and instead focus on transport and logistics.
It follows Moller-Maersk’s sale of Maersk Oil to Total last year.
Asked about how Maersk Drilling had fared since the demerger, Mr Madsen said: “We are delivering according to our plans, so if I would have known where we would be today when we listed I would say I would be happy with the state that we are in.
“We are still securing contracts, so building backlog, we have a strong balance sheet, so when I look at our place in the industry we are in a very good spot.
“We continue to see a recovering market although the duration of new contracts remains relatively short.
“I am pleased that we have secured several new contracts at improved day rate levels.”
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