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18 May 2012 Report available at www.maerskdrilling.comQ1 2012 Financial Results
Forward-looking StatementsThis presentation contains forward-looking statements. Such statements are subject torisks and uncertainties as various factors, many of which are beyond A.P. Møller - Mærskexpectations contained in the presentation.<strong>Maersk</strong> <strong>Drilling</strong> Slide no. 2
Financial HighlightsFinancial Highlights<strong>Maersk</strong> <strong>Drilling</strong> result<strong>Maersk</strong> <strong>Drilling</strong>USD million1st quarter• Revenue growing to USD 488 million in Q1 2012 from USD437 million in Q1 2011Highlights 2012 2011Revenue 488 437Profit before depreciation, amortisationand impairment losses, etc. (EBITDA)221 206Depreciation, amortisation and impairment losses 64 55Profit before financial items (EBIT) 157 151Tax 32 29Net operating profit after tax (NOPAT) 125 122Cash flow from operating activities 125 213Cash flow used for capital expanditure -35 -117• EBITDA up to USD 221 million in Q1 2012 from USD 206million in Q1 2011• Profit (NOPAT) increased to USD 125 million in Q1 2012from USD 122 million in Q1 2011• ROIC was 12.2%Invested capital 4,145 3,811ROIC, annualised 12.2% 12.9%Positive result for Q1 2012<strong>Maersk</strong> <strong>Drilling</strong>Slide no. 3
% of avaliable days contractedContract backlog100%99%Contract backlog80%79%60%40%46%20%22%0%2012 2013 2014 2015Solid contract backlog provides high earnings visibility<strong>Maersk</strong> <strong>Drilling</strong>Slide no. 4
Selected contracts in Q1 2012MÆRSK DEVELOPER• Customer: Statoil• Country: US Gulf of Mexico• Contract value: USD 370 million• Description: Option declared for two yearsMAERSK DELIVERER• Customer: Enigma Oil & Gas (Pty) Limited• Country: Namibia• Contract value: USD 34 million• Description : 60 daysMÆRSK GIANT• Customer: Centrica Energi• Country: Norway• Contract value: USD 60 million• Description : Two or three wellsHigh demand for high specification rigs<strong>Maersk</strong> <strong>Drilling</strong>Slide no. 5
US$/bblMarket outlook•160140Oil price
# rigsUltra deepwater floater market• Market characterised by full utilisation125Global 7500ft+ Floater Market - Demand and Supply(only existing competitive rigs)100%• Day rate level increased and established a new level wellabove USD 500,000 per day10080%• Increasing demand primarily seen from the main growthregions West Africa and Brazil7560%• Despite a significant order book, the ultra deepwater rigmarket is expected to remain tight both short- andmedium-term502540%20%• Development as well as exploration activity in the growthregions will drive solid future demand00%2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012Source: ODS-Petrodata, <strong>Maersk</strong> <strong>Drilling</strong>The strongest growth segment in the offshoredrilling space<strong>Maersk</strong> <strong>Drilling</strong>Slide no. 7
# rigsUltra harsh jack-up market (Norway)• The Norwegian jack-up market remains solid with fullutilisation10Norway Jackup Market - Demand and Supply(only existing competitive rigs)100%• Recent large discoveries in Norway confirm positiveoutlook for the segment880%• Number of jackups with near-term availability in theNorwegian market is limited660%• The Norwegian market is expected to remain tight andsupportive of high day rates• <strong>Maersk</strong> <strong>Drilling</strong>´s rig capacity in Norway sold out untilsecond quarter of 2014 00%422000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 201240%20%Source: ODS-Petrodata, <strong>Maersk</strong> <strong>Drilling</strong>High utilisation and healthy day rates<strong>Maersk</strong> <strong>Drilling</strong>Slide no. 8
Rig fleetJack-Ups Floaters OtherUltra HarshHarsh/PremiumUltra DeepwaterMid-WaterOther5 Units2 Under Construction7 Units3 Units4 Under Construction1 Unit10 Barges<strong>Maersk</strong> <strong>Drilling</strong> focuses on modern high-end equipment<strong>Maersk</strong> <strong>Drilling</strong>Slide no. 9
Geographic positioningNW Europe5 ultra harsh jack-ups4 high-end jack-upsCaspian Sea1 mid-water semiEgypt1 ultra deepwater semiUS GoM1 ultra deepwater semiEgyptian <strong>Drilling</strong>Company(50/50 JV), 64 land andworkover rigs, 5 jack-upsVenezuela10 drilling bargesAsia2 premium jack-upsWest Africa1 ultra deepwater semi1 high-end jack-upUnder construction:2 ultra harsh jack-ups4 ultra deepw. drillships1 standard semi(management)Present in most of the important markets<strong>Maersk</strong> <strong>Drilling</strong> Slide no. 10
# unitsStrategy25<strong>Maersk</strong> <strong>Drilling</strong> Growth storyGrowthNew orders:2 jack-ups4 drillships• To become a significant and stable contributor to the APMMGroup profit• Growing the business within the ultra deepwater and ultraharsh environment segments201510GrowthNew orders andnewbuildacquisitionsPortfoliooptimisationSold 3 old jack-ups attop of the marketConstruction & delivery2007-10: Delivery of 9 rigs15PerformanceOperational excellence616 16510 1081102005 2006 2007 2008 2009 2010 2011Note: Excluding management rigs, Venezuela barges and EDCGrowing the business within ultra deepwater and ultra harshenvironment<strong>Maersk</strong> <strong>Drilling</strong>Slide no. 11
ConclusionsGrowthModern fleetStrong market outlookPositioned in the mostattractive segmentsStrong backlog Highearnings visibility<strong>Maersk</strong> <strong>Drilling</strong>Slide no. 12
<strong>Maersk</strong> <strong>Drilling</strong>Moving boundaries within offshore drilling<strong>Maersk</strong> <strong>Drilling</strong> Slide no. 13
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