1. Maersk Drilling Annual Result 2013
28 February 2014

2. page 2
Legal notice
This presentation contains certain forward looking statements (all statements that are not entirely based on
historical facts, among others expectations to future financial performance, developments, resources growth
and production levels). Those forward looking statements reflect current views on future events and are by their
nature subject to significant risks and uncertainties because they relate to events and depend on
circumstances that will occur in the future. We consider such forward looking statements reasonable based on
the information available to us at this time, but the actual results etc. may differ materially from our
reliance should be placed on such statements. Neither APMM, nor any other person, shall assume responsibility
for the accuracy or completeness of the forward looking statements and do not undertake any obligation to
update such statements except as required by law.
This Legal Notice shall be governed by Danish Law. Any dispute arising out of or in relation to this Legal Notice
which can not be solved amicably shall be decided by the Danish Courts.

3. Summary of 2013
•
Profit of USD 528m
•
ROIC of 10.8%
•
For 2014 Maersk Drilling expects a result
below the result for 2013 due to planned
yard stays in 2014 and high costs
associated with training and start-up of
operation of six new rigs
•
Forward contract coverage is 94% for 2014,
70% for 2015 and 53% for 2016
•
Revenue backlog of USD 7.9bn
•
The newbuild programme is on budget,
however five of the eight rigs are delayed
two to four months per rig due to
interruptions in the delivery of certain
equipment from sub suppliers
•
On track towards the financial ambition of
delivering a NOPAT of USD 1bn to the A.P.
Moller Maersk Group in 2018
page 3
page 3

4. page 4
Maersk Drilling result
Financial Highlights (USDm, 2013)
Highlights
2013
2012
1,972
1,683
Profit/loss before depreciation, amortisation
and impairment losses etc. (EBITDA)
863
638
Depreciation, amortisation, and impairment
losses
239
197
4
-
19
0
Profit/loss before financial items (EBIT)
647
441
Tax
119
94
Net operating profit/loss after tax (NOPAT)
528
347
Cash flow from operating activities
775
•
Revenue increased to USD 1,972m in 2013 from
USD 1,683m in 2012
•
EBITDA increased to USD 863m in 2013 from USD
638m in 2012
•
Profit (NOPAT) increased to USD 528m in 2013 from
USD 347m in 2012
•
The increase in profit of USD 181m compared to
2012 was mainly due to higher operational uptime,
full utilisation of all rigs and higher dayrates and
effective cost management for rigs in operation
597
•
ROIC was 10.8% in 2013, up from 8.8% in 2012
-1,517
-555
•
Operational uptime increased to 97% from 92% in
2012
5,320
4,283
•
ROIC
10.8%
8.8%
For 2014 Maersk Drilling expects a result below the
result for 2013 (USD 528m)
ROIC excl. assets under construction
15.9%
10.4%
97%
92%
Revenue
Gain on sale of non-current assets, etc., net
Share of profit/loss in joint ventures
Cash flow used for capital expenditure
Invested capital
Operational uptime

5. page 5
Operational uptime
100%
92%
97%
80%
96%
97%
95%
85%
60%
40%
20%
0%
Maersk Drilling
2012
2013
Floating rigs
Jack-ups

6. page 6
High forward contract coverage reflecting
solid demand for Maersk Drilling´s high end assets
Maersk Drilling forward contract coverage
100%
94%
80%
70%
60%
53%
40%
20%
0%
2014
Note: As per end 2013
2015
2016

7. page 7
Revenue backlog of USD 7.9bn with quality
customers provides strong revenue visibility
Revenue backlog, end 2013, USDbn
Revenue backlog by customer, end 2013
2.5
Others
BP
~2.3
2.0
~2.0
~2.0
1.5
Marathon
~1.5
1.0
Total
0.5
Det norske
Statoil
ExxonMobil
0.0
USD
7.9bn
2014
2015
2016
Note: Annual revenue backlog figures reflect upcoming yard stays
2017-
ConocoPhillips

8. page 8
XL Enhanced 4
•
•
New investment
in 2013
•
Ultra harsh environment jack-up, XL
Enhanced 4
•
Total investment of USD 650m
•
Order backed by a firm 5-year contract
with BP Norway with estimated contract
value of USD 812m
•
Options for extending the contract up
to a total duration of 10 years
High-specification ultra harsh
environment jack-up rig
Delivery in 2016
•
To be constructed at Daewoo
(DSME), South Korea

9. page 9
Maersk Drilling signed several major contracts in 2013
Maersk XL Enhanced 4
 Customer: BP
 Country: Norway
 Contract value: USD 812 million
 Duration: Five years
Maersk XL Enhanced 2
 Customer: Det norske
 Country: Norway
 Contract value: USD 280 million
 Duration: Two year extension
Note: Original three year contract for Maersk XL Enhanced 2 was signed in 2011
Mærsk Giant
 Customer: Talisman
 Country: Norway
 Contract value: USD 137 million
 Duration: One year

10. page 10
Partnership agreement
with BP signed in 2013
•
In 2013, Maersk Drilling signed a
partnership agreement with BP to
develop conceptual engineering
designs for a new breed of advanced
technology offshore drilling rigs
•
20K rigs will be critical to unlock the
next frontier of deepwater oil and gas
resources
•
20K rigs will be designed to operate in
high pressure and high temperature
reservoirs (20,000 psi and 350
•
BP estimates that application of this
technology across its own global
portfolio alone could potentially
access an additional 10-20 billion
barrels of resources

11. page 11
Strategy
•
Deliver on the financial ambition of Net
Operating Profit After Tax (NOPAT) of USD
1bn in 2018 (ROIC >10%)
•
Conduct incident free operation
•
Grow the business within the ultra
deepwater and ultra harsh environment
segments
•
Leverage market leading position in
Norway and build ultra deepwater
positions in the US Gulf of Mexico and
West Africa

12. page 12
Ultra deepwater
market
US
•
In 2014, the ultra deepwater market will
experience intensified competition due to a
number of uncontracted rigs entering the market
while several operators have postponed
commencement for a large number of the long
term projects from 2014 to 2015 and beyond
•
Market characterised by full utilisation of capacity
in 2013 but a slight oversupply of rigs will be seen
in 2014
•
Dayrates peaked at around USD 600,000 in 2013
and we see dayrates moving slightly lower in
2014
•
Maersk Drilling retains our long term positive view
on the ultra deepwater market
Egypt
Angola
Fact box
•
Maersk Drilling´s ultra deepwater
fleet consists of three semisubmersibles
•
Maersk Drilling has four ultra
deepwater drillships under
construction
•
Maersk Drilling has been operating
in ultra deepwater since 2009

13. page 13
Fact box
Ultra harsh environment
jack-up market
•
•
Currently there are nine jack-up rigs working in
Norway and including the order of XL Enhanced
4, there are seven ultra harsh jack-ups under
construction for the Norwegian market, all of
which have secured long term contracts
•
Dayrate levels for newbuilds are currently at an
all time high level of USD 425,000 and older
jack-up rigs have secured rates just below USD
400,000
Norway
Maersk Drilling has four ultra harsh
environment rigs under
construction
•
Most jack-ups are tied up in long term contracts
reducing the near term availability of jack-up
rigs in the market where the first rig is available
in fourth quarter 2014
Maersk Drilling´s fleet consists
of six ultra harsh environment
jack-up rigs
•
Remains strong with full utilisation of capacity
throughout 2013
•
•
Maersk Drilling has been operating
in the ultra harsh environment
market since 1990

14. page 14
International premium
jack-up market
North Sea
•
Continue to benefit from the fact that oil
companies prefer newer rigs due to the
safety and efficiency gains offered
•
Premium jack-up rigs enjoy high utilisation
and dayrates have stabilised in excess of
USD 200,000 in the North Sea and USD
170,000 in South East Asia
•
In general, demand for premium jack-up
rigs looks set to remain healthy, with many
long term duration projects commencing in
2014
Cameroon
South East Asia
Fact box
•
Premium jack-up rigs are capable of
drilling in water depths >350ft
•
Maersk Drilling´s fleet consists of
six premium jack-up rigs
•
Maersk Drilling has been present in
the international jack-up market
since 1972

15. page 15
Egypt
•
Leading operator in MENA-region
with a fleet of four jack-up rigs and
64 land rigs
•
Operation in Egypt since 1976
•
Financial investment, JV (50/50)
•
Profit contribution in 2013
amounted to USD 19m (USD 0m)
Non-core assets
•
•
•
Leading drilling contractor in
Venezuela with a fleet of 10
cantilevered drilling barges which in
2013 generated a revenue of USD
195m (USD 194m)
•
Operation in Venezuela since 1992
•
Maersk Drilling has started to look
into divesting its business
activities in Venezuela
No further investments planned
•
Venezuela
Strong positions in respective markets
Divestment if/when time is right

16. page 16
Maersk Drilling´s
priorities for execution
in 2014
•
Take delivery and commence operation of
six rigs without further delay
•
Complete the extensive yard stay
programme on time and budget
•
Secure contracts for the third and fourth
drillships under construction with expected
delivery in mid- and end 2014

17. page 17
The newbuild programme is on budget, but delivery of
five of the eight rigs will be two to four months delayed
Ultra harsh jack-ups
XL Enhanced
 Four ultra harsh jack-up rigs (CJ-70s) under
construction. Three at Keppel FELS shipyard in
Singapore and one at Daewoo in South Korea
 Delivery in 2014-2016
Ultra deepwater drillships
 Four ultra deepwater drillships under construction
at Samsung Heavy Industries, South Korea
 Delivery in 2014

18. page 18
Extensive yard stay
programme during 2014
Maersk Developer yard stay in Pascagoula, US
2014 Yard stays
Heydar
Aliyev*
Q4 2013
5 year special survey +
upgrade
Mærsk
Q4 2013
Developer*
5 year special survey
Maersk
Resolve
Q2 2014
5 year special survey
Mærsk
Gallant
Q2 2014
5 year special survey
+ lifetime extension
Maersk
Reacher
Q2 2014
5 year special survey
Mærsk
Inspirer
Q2 2014
5 year special survey
Maersk
Q3 2014
Completer
UWILD (offshore)
Maersk
Q3 2014
Discoverer
5 year special survey
Note: * was commenced in 2013 but will not be completed until early 2014

19. page 19
Commercial focus on securing work for the two
uncontracted drillships
Ultra harsh environment jack-ups
Ultra deepwater drillships
XL Enhanced 1
 Customer: Total E&P Norge AS
 Country: Norway
 Contract value: USD 550 million
 Duration: 4 years
XL Enhanced 2
 Customer: Det norske Oljeselskab
 Country: Norway
 Contract value: USD 700 million
 Duration: 5 years
Maersk Viking
 Customer: ExxonMobil
 Country: US GoM
 Contract value: USD 610 million
 Duration: 3 years
Maersk Valiant
 Customer:
ConocoPhillips/Marathon Oil
 Country: US GoM
 Contract value: USD 694 million
 Duration: 3 years
XL Enhanced 3
 Customer: Statoil
 Country: Norway
 Contract value: USD 620 million
 Duration: 4 years
XL Enhanced 4
 Customer: BP
 Country: Norway
 Contract value: USD 812 million
 Duration: 5 years
Maersk Venturer
 Uncontracted
Drillship 4
 Uncontracted

20. page 20
Rig fleet
Present in the most important oil and gas markets
3+4
Ultra deepwater floaters
6+4
Ultra harsh environment jack-up rigs
6
Premium jack-up rigs
1
Midwater floater
10
Drilling barges
Financial investment
Egyptian Drilling Company,
Joint Venture (50/50)

21. page 21
Maersk Drilling Moving boundaries within offshore drilling