Danish offshore drilling firm Maersk Drilling has upgraded its financial guidance for 2021 on the back of solid rig performance and contract extensions.
"During the first two months of Q4 2021, Maersk Drilling has delivered strong performance exceeding the operational and commercial expectations underlying its most recent financial guidance. The main drivers for exceeding these expectations are solid rig performance and additional exercise of options and extensions of contracts for execution in 2021," Maersk Drilling said.
"As a consequence, Maersk Drilling upgrades its financial guidance for 2021 EBITDA before special items to around USD 350m (previous guidance of USD 290-330m). The revised guidance for 2021 EBITDA before special items remains subject to general operational performance and customary year-end activities," said the company, which last month agreed to merge with Noble Corp.
Maersk Drilling said that the guidance for 2021 capital expenditures was adjusted to around $100 million "reflecting further optimization of maintenance and project costs." Maersk's previous capex guidance was $110 million-130 million.
The revised guidance for 2021 capital expenditures remains subject to the actual timing of completion of projects," the company said.