A.P. Møller - Mærsk A/S Interim Report Q3 2013 13 November 2013 – Conference call 9.30am CET webcast available at www.maersk.com
Forward-looking Statements
This presentation contains forward-looking statements. Such statements are subject to risks and uncertainties as various factors, many of which are beyond A.P. Møller - Mærsk A/S’ control, may cause actual development and results to differ materially from the expectations contained in the presentation.
Interim Report Q3 2013 page 3 Executing on Group Strategy
• Profit in Q3 was USD 1,195m and ROIC was 9.5%. Profit for the first 9M was USD 2,841m and ROIC was 8.3%
• Maersk Line reduced unit costs further mainly through improved utilisation. Fourth consecutive quarter with +5%- points EBIT-margin gap to peers
• Maersk Oil stabilised share of production due to:
• Gryphon (UK) reverting to full production
• Continued ramping up of El Merk (Algeria) Development plans for Chissonga (Angola) and Flyndre/ Cawdor (UK) were submitted to respective authorities
• APM Terminals had a strong quarter with ROIC reaching 14.2%. Operations in Santos (Brazil) have commenced
• Maersk Drilling continued to deliver high operational uptime. An additional ultra harsh jack-up rig was ordered backed by a long term contract
• APM Terminals and Maersk Drilling are well on track towards the target of contributing USD 1bn NOPAT by 2016 and 2018 respectively
• Portfolio optimisation continued with the divestment of the 31.3% stake in DFDS
Interim Report Q3 2013 page 4 Group Financial Highlights
Group Financial Highlights • Reported profit of USD 1,195m in Q3 2013 (USD 934m). Profit excluding one-offs was USD 1,254m (USD 948m), driven by an USD million 9M 2012 9M 2013 accounting loss of USD 56m from divestment of the DFDS stake 3,500 3,429 3,074 2,968 • ROIC was 9.5% (8.4%) 3,000 2,841 • Operational cash flow improved to USD 2.9bn (USD 2.8bn) and 2,500 2,068 2,000 1,906 capex increased to USD 1.4bn (USD 0.6bn)
1,500 • Portfolio optimisation continued with the divestment of the stake 1,000 in DFDS. The overall ownership has given the Group a positive 500 return including dividends received 0 • Full year result excluding one-offs upgraded to be around USD Profit Profit ex. one-offs Free cash flow 3.7bn from previously around USD 3.5bn
Underlying profit by activity*
USD million 9M 2012 9M 2013 1,200 1,200 1,012 1,000
800 674 600 524 466 451 400 281 200 116 119 31 0 Maersk Line Maersk Oil APM Terminals Maersk Drilling All Other
* Excluding gains, impairments and other one-offs
Interim Report Q3 2013 page 5 Maersk Line results
Q3 Q3 9M 9M (USD million) 2013 2012 2013 2012 Highlights Q3 2013
Revenue 6,782 6,961 19,746 20,595 • Maersk Line delivered a profit of USD 554m (USD 498m) and a ROIC of 10.9% (9.7%) EBITDA 999 932 2,550 1,464 • Unit cost decreased by 13% or 390 USD/FFE to 2,622 Sales gains 10 6 18 13 USD/FFE compared to Q3 2012. Bunker cost decreased Profit (NOPAT) 554 498 1,197 126 by 17% compared to Q3 2012, driven by 8% lower consumption and 11% lower bunker price. Network Operating cash flow 1,259 1,082 2,811 994 efficiencies and utilisation improved
Volume (FFE million) 2.3 2.1 6.7 6.5 • Freight rate declined by 12% to 2,654 USD/FFE compared to Q3 2012, and increased by 1.4% compared to Q2 2013 Rate (USD/FFE) 2,654 3,022 2,678 2,893 • Volumes increased by 11% to 2.3m FFE compared to Q3 Bunker (USD/tonne) 580 648 598 678 2012. Headhaul volumes increased on all trades except ROIC (%) 10.9 9.7 7.8 0.8 for North America which decreased with 3%. Headhaul volumes were up 17% on Asia to Europe ML volume versus fleet capacity development • Maersk Line’s free cash flow was USD 768m in Q3, an Indexed Q1’12 =100 improvement of USD 400m versus Q3 2012 (USD 368m) Fleet capacity Volumes 110 • The P3 Parties have carefully reviewed the applicable 105 laws and are cooperating closely with competition and maritime authorities worldwide to provide the information 100 required to obtain regulatory approval. Aim is to start operations in Q2 2014, assuming regulatory approval has 95 been obtained by then. P3 is expected to deliver additional cost reductions after initial phase-in costs 90 Q1'12 Q2'12 Q3'12 Q4'12 Q1'13 Q2'13 Q3'13
Interim Report Q3 2013 page 6 Maersk Line cost reductions
Continued unit cost improvements • Unit costs declined by USD 81/FFE to USD Unit cost (USD/FFE) 2,622/FFE Q3/Q2 driven by increased 3,200 3,108 volume on flat cost base 3,100 3,054 • Total costs reduced by USD 237m compared 3,000 to Q3 2012 of which USD 116m was lower 2,900 bunker consumption and USD 154m was lower bunker price 2,800 2,727 2,700 • A large part of bunker savings Y/Y was due 2,600 to not running the AE5 service since October 2012 and AE9 service since February 2013, 2,500 2011 2012 9M 2013 as well as due to other network optimization Definition of unit cost: EBIT cost excl. gain/loss, restructuring cost and including VSA income (speed equalization, vessel scale upgrades and service rationalization) Cost improvement 9M 2013 vs. 9M 2012, cost savings (USDm) • Terminal expenses increased by 6% (USD 90 -153 97m) against a volume increase of 11% 2,000 65 426 1,762 compared to Q3 2012 1,600 1,334 • Inland intermodal cost was reduced by 17% 1,200 (USD 144m) compared to Q3 2012 800 Container lifting at Port berthing terminals costs • Improved vessel utilization, technical retrofit 400 initiatives and efforts to reduce inefficiency from all parts of the operational execution 0 Bunker Inland Terminal Port Other Total supported the cost savings on a per FFE transportation costs expenses saving basis Notes: Other includes reduced time charter cost, VSA cost and income, SG&A cost, equipment and feeder cost and others (e.g. other variable cost, cash flow hedge, other fixed costs)
Interim Report Q3 2013 page 7 Maersk Oil results
Q3 Q3 9M 9M (USD million) Highlights Q3 2013 2013 2012 2013 2012 Revenue 2,210 2,388 6,650 7,650 • Maersk Oil delivered a profit of USD 189m (USD 243m) and a ROIC of 12.0% (14.3%), impacted by lower entitlement Exploration expenses 256 268 871 766 production across the portfolio
EBITDA 1,393 1,604 4,212 5,493 • Production declined by 5% due to reconfiguration at Tyra, (DK), maintenance in Qatar and unplanned shutdowns in Profit (NOPAT) 189 243 784 2,004 the UK, however is on the rise versus Q2
Operating cash flow 989 1,347 2,861 3,526 • The return of the Gryphon FPSO in the UK to full production and the continued ramp up of El Merk (Algeria) reversed Prod. (Boepd ’000) 229 240 231 261 the production decline Brent (USD per barrel) 110 109 108 112 • Longer term development;
ROIC (%) 12.0 14.3 16.1 38.8 • The development plans for Chissonga (Angola) and Flyndre/Cawdor (UK) have been submitted to respective Maersk Oil’s entitlement share of production authorities for approval Q3 2012 Q3 2013 ‘000 boepd • Exploration costs were USD 256m (USD 268m). Six 120 exploration/appraisal wells drilled in Q3: 103 100 95 • Cubal discovery well in Angola
80 • New successful appraisal well at Johan Sverdrup (Norway) 69 66 60 • Itaipu (Brazil) appraisal well being assessed
40 34 36 • Three other wells in Brazil, Kurdistan and Norway did not 25 26 encounter hydrocarbons in commercial volumes 20 6 4 3 2 0 Qatar DK Algeria UK Brazil Kazakhstan
Interim Report Q3 2013 page 8 APM Terminals results
Q3 Q3 9M 9M (USD million) 2013 2012 2013 2012 Highlights Q3 2013 Revenue 1,122 1,051 3,230 3,164 • Profit rose to USD 203m (USD 156m) with a strong underlying profit of USD 195m (USD 156m). ROIC EBITDA 241 225 661 690 increased to 14.2% (14.0%)
Profit (NOPAT) 203 156 548 542 • 4% volume growth compared to Q3 2012, in line with market and reaching highest quarterly throughput reported Operating cash flow 261 232 744 682 • EBITDA-margin has improved slightly to 21.5% (21.4%) Throughput (TEU m) 9.3 9.0 27.0 26.6 despite higher construction revenue on behalf of ROIC (%) 14.2 14.0 13.0 16.1 concession grantors grossing up revenue and costs
• Focus continues to be on improving productivity in existing terminals Volume growth and margin development • Portfolio initiatives: 25% • Santos (Brazil) commenced operations during Q3 2013. 20% Operations remain limited in scope while dredging work 15% is under completion by port authorities 10% • A 24% share of APM Terminals Zeebrugge (Belgium) 5% was sold awaiting regulatory approval 0% • Bridge Terminal Transport Inc. (USA) was divested -5% during Q3 -10% 2005 2006 2007 2008 2009 2010 2011 2012* 9M • Global Ports** signed an agreement to acquire National 2013 Container Co. The transaction is subject to regulatory EBITDA-margin Throughput growth approvals * Only EBITDA margin for FY12 has been restated accordingly to IFRS 11 ** APM Terminals holds a 37.5% co-controlling share in Global Ports
Interim Report Q3 2013 page 9 Active Portfolio Management focusing on growth markets
Significant recent developments
New project Expansion Acquisition
New Projects Major Acquisitions Major Expansions Divestments • Lazaro Cardenas, Mexico • Global Ports International • Callao, Peru • BTT, USA • Santos, Brazil (Russia) • Monrovia, Liberia • Inland Services in Germany, • Izmir, Turkey • NCC (by GPI pending) • Apapa, Nigeria Vietnam, etc. • Abidjan, Ivory Coast • Onne, Nigeria • Moin, Costa Rica
Interim Report Q3 2013 page 10 Maersk Drilling results
Q3 Q3 9M 9M (USD million) 2013 2012 2013 2012 Highlights Q3 2013 Revenue 507 400 1,499 1,243 • Profit increased by 76% to USD 148m (USD 84m), mainly due to two rigs on yardstay in Q3 2012, higher day rates EBITDA 237 163 698 522 and operational uptime in Q3 2013, while managing to keep costs unchanged for rigs in operation Profit (NOPAT) 148 84 444 305 • Operational uptime averaged 98% in Q3 (94%) Operating cash flow 212 96 617 434 • Contract coverage on available rig days is 100% for the Fleet (units)* 16 16 16 16 remainder of 2013, 90% for 2014, 61% for 2015 and 45% for 2016. Total revenue backlog is now USD 7.7bn Contracted days* 1,472 1,380 4,368 4,147 • One contract extension and one new contract were ROIC (%) 11.7 8.5 12.4 10.5 announced in Q3:
*Excluding stake in EDC, barges in Venezuela and the managed semi-submersible Nan • A contract for a harsh environment jack-up rig was Hai VI extended by two years in the UK, worth approximately USD 170m Contracted days and coverage • An ultra harsh environment jack-up rig was awarded a 1,600 100 one-year contract in Norway with options to extend the 1,500 95 contract up to a total of three years. Worth approximately USD 137m 1,400 90 • Maersk Drilling ordered an ultra harsh environment jack-up 1,300 85 rig in Q3 2013 backed by a five-year contract 1,200 80 • Maersk Drilling is preparing to take delivery of eight large 1,100 75 rigs 2014-2016 and will endure significant ramp up costs related to the rig fleet expansion 1,000 70 Q1'10 Q3'10 Q1'11 Q3'11 Q1'12 Q3'12 Q1'13 Q3'13 • The newbuilding programme is on budget, but the delivery Contracted days (LHS) coverage % (RHS) of the first rigs will be slightly delayed
Interim Report Q3 2013 page 11 Services & other shipping
Underlying profit by activity 9 months* Highlights Q3 2013
USD million 9M 2012 9M 2013 Maersk Supply Service Reported profit increased to USD 76m (USD 48m) mainly due to higher utilisation and lower operating 122 expenses. Contract coverage is 79% for the remainder Maersk Supply Service 179 of 2013 and 51% for 2014, excl. options
Maersk Tankers Reported profit of USD 18m (loss of USD 278m) was -74 Maersk Tankers positively impacted by lower operational cost, 10 improved average time charter equivalent earnings in the product and gas segments and impairments taken in Q3 2012 not recurring
44 Damco Damco 4 Reported profit of USD 1m is significantly below last year result (USD 15m). Attributable to increased overhead cost, significant projects and restructuring 95 costs SVITZER 97 SVITZER Reported profit of USD 34m (USD 33m), positively -100 0 100 200 affected by Harbour Towage tariff increases and strong salvage activity
*Excluding gains, impairments and other special items
Interim Report Q3 2013 pagepage 12 12 Focus on performance
Breakdown of ROIC by business
Business Invested ROIC % ROIC % ROIC % capital Q3 2013* 9M 2013* 2012 (USDm) Group 53,403 9.5 8.3 8.9
Maersk Line 20,334 10.9 7.8 2.3
Maersk Oil 6,107 12.0 16.1 35.7
APM Terminals 5,839 14.2 13.0 15.2
Maersk Drilling 5,334 11.7 12.4 8.8
Maersk Supply Service 2,162 14.0 11.5 6.1
Maersk Tankers 2,756 2.5 -11.3 -8.2
Damco 519 1.1 -0.2 13.1
SVITZER 1,447 9.4 9.4 0.5
Dansk Supermarked 3,010 8.5 9.1 7.9
Other 6,074 2.0 5.5 9.9
* ROIC annualised Ambition ROIC > 10%
• Maersk Line, Maersk Oil, APM Terminals and Maersk Drilling delivered a ROIC >10% in Q3 2013
• Other was negatively impacted by Maersk Container Industry and Ro/Ro and related activities
Interim Report Q3 2013 page 13 Investments and debt
Cash flow used for capital expenditure net of sales proceeds Optimise balance sheets for future growth was USD 1.4bn (USD 0.6bn) in Q3: USD million The Group continues to allocate capital to the most
600 491 502 483 profitable businesses. All business units continue to engage in efforts to clean their balance sheets of 400 222 underperforming assets. 200 0 -200 -310 -400 Maersk Line Maersk Oil APM Maersk Other Terminals Drilling
Development in net interest bearing debt 9M 2013 (USD billion) BBB+/Baa1 credit ratings (both stable) assigned by S&P/Moody’s on 25 September 2013 14.5 -9.1 +1.1 -0.2 12.1 Net interest-bearing debt was USD 12.1bn end Q3: +4.0 +0.3 • A reduction of USD 2.4bn since year end 2012 +1.8 • A reduction of USD 1.6bn since Q3 2012 -0.3 The Group’s FY 2012 net interest-bearing debt was restated from USD 15.7bn to USD 14.5bn as a result of new IFRS consolidation of Joint Venture NIBD EBITDA ∆ WC Paid CAPEX Financial Dividend Other* NIBD rules. 2012 taxes items 2013 Q3
* Other include currency adjustments, etc.
Interim Report Q3 2013 page 14 Consolidated Financial Information
Income statement (USD million) Q3 2013 Q3 2012 Change 9M 2013 9M 2012 Change FY 2012
Revenue 14,562 14,643 -0.6% 42,772 44,334 -3.5% 59,089 EBITDA 3,233 3,254 -0.6% 9,094 9,220 -1.4% 12,252 Depreciation, etc. 1,148 1,414 -18.8% 3,596 3,891 -7.6% 5,211 Gain on sale of non-current assets, etc. net -29 189 41 564 -92.7% 621 EBIT 2,178 2,118 2.8% 5,882 6,140 -4.2% 8,014 Financial costs, net -106 -171 -38.0% -553 -553 0% -714 Profit before tax 2,072 1,947 6.4% 5,329 5,587 -4.6% 7,300 Tax 877 1,013 -13.4% 2,488 2,513 -1.0% 3,262 Profit for the period 1,195 934 27.9% 2,841 3,074 -7.6% 4,038
Key figures (USD million) Q3 2013 Q3 2012 Change 9M 2013 9M 2012 Change FY 2012 Cash Flow from operating activities 2,883 2,823 2.1% 7,480 5,531 35.2% 7,506
Cash Flow used for capital expenditure -1,388 -613 126.4% -4,051 -3,463 17.0% -6,171
Net interest-bearing debt 12,140 13,718 -11.5% 12,140 13,718 -11.5% 14,489 Earnings per share (USD) 258 197 32.5% 600 653 -8.1% 857 ROIC (%) 9.5 8.4 1.1pp 8.3 9.2 -0.9pp 8.9 Dividend per share (DKK) - - - - 1,200
Interim Report Q3 2013 page 15 Outlook for 2013
The Group revises its expected result for 2013 to around USD 3.5bn Sensitivities for the remainder of 2013 (USD 4.0bn) from previously around USD 3.3bn. Excluding impairment losses and divestment gains, the net result is now Factors Change Effect on the Group’s profit expected to be around USD 3.7bn (USD 2.9bn) from previously rest of year around USD 3.5bn. Oil price for Maersk Oil + / - 10 USD/barrel + / - USD 0.1bn Cash flow from operating activities is still expected to be around USD 9bn (USD 7.5bn). Net cash flow used for capital expenditure is now Bunker price + / - 100 USD/tonne + / - USD 0.0bn expected to be around USD 7bn (USD 6.2bn) from previously around USD 8bn. Container freight rate + / - 100 USD/FFE + / - USD 0.2bn
Maersk Line specifies their result for 2013 to be significantly above Container freight volume + / - 100,000 FFE + / - USD 0.2bn 2012 (USD 461m) based on the strong result for the first nine months of USD 1.2bn. Whereas Q3 2013 had satisfactory returns, freight rates deteriorated significantly during the quarter and hence the APM Terminals' expected result for the year is still above seasonally low Q4 2013 has started with low freight rates which will last year (USD 701m) with a result for the first nine months result in a significantly lower fourth quarter result than third quarter. of USD 548m supported by volumes from new terminals
Maersk Oil continues to expect a result for 2013 significantly below and improving productivity in existing facilities. 2012 (USD 2.4bn) given a result for the first nine months of USD 784m. Maersk Drilling specifies their result to be above USD 500m given a result of USD 444m for the first nine months Maersk Oil now expects the entitlement production for 2013 to be and with an expected lower result in Q4 2013 than in Q3 around 235,000 boepd from previously 240,000-250,000 boepd. This 2013. is partly due to expected higher average oil price for the year of USD 108 per barrel versus previous full year assumption of USD 104 per Other activities remain above the 2012 result excluding barrel, giving lower entitlement production in Qatar and partly due to divestment gains and impairment losses. delays in El Merk, Algeria and Gryphon FPSO, UK. The expected lower entitlement production for 2013 compared to last year (257,000 The Group’s outlook for 2013 is subject to considerable boepd) is due to a natural production decline in mature assets and uncertainty, not least due to developments in the global reduced ownership share in Denmark. economy.
Exploration expenses for the full year are expected to be around USD 1.2bn from previously above USD 1.0bn.
Interim Report Q3 2013
page 16 Final remarks
Development in invested capital since Q2 2012
• The Group will create value through Maersk Drilling 36% profitable growth APM Terminals 34% • The Group has the ambition to grow invested Damco 17% capital by around 30% by 2017 (baseline Dansk Supermarked 11% 2012)
Group 1% • The Group seeks to improve the Return on
Maersk Supply Service 0% Invested Capital by; • Maersk Line 0% Focused and disciplined capex allocation • Portfolio optimisation Other businesses -7% • Performance management SVITZER -10% • The Group intends to grow dividends in Maersk Oil -14% nominal terms. Maersk Tankers -31%
-40% -20% 0% 20% 40%
Interim Report Q3 2013 page 17
Q & A - To ask a question please press * then 01
Interim Report Q3 2013 page 18
Appendix page 19 Maersk Group
Key facts
• Founded in 1904
• Represented in over 130 countries, employing around 121,000 people
• Market capitalization of around USD 40bn
Facilitating global containerised trade Maersk Line carries around 14% of all seaborne containers and, together with APM Terminals and Damco, provides infrastructure for global trade
Supporting the global demand for energy The Group is involved with production of oil and gas and other related activities including drilling, offshore, services, towage, and transportation of crude oil and products
Appendix page 20 Group Financial Highlights Q3 2013
Group financial highlights • Reported profit of USD 1,195m (USD 934m in Q3 2012). Profit USD million Q3 2012 Q3 2013 excluding one-offs was USD 1,254m (USD 948m), driven by an accounting loss of USD 56m from divestment of shares in DFDS 2,500 2,210 • ROIC was 9.5% (8.4%) 2,000 1,495 • Operational cash flow improved to USD 2.9bn (USD 2.8bn) 1,500 1,195 1,254 • Portfolio optimisation continued with the divestment of the stake in 934 948 1,000 DFDS. The overall ownership has given the Group a positive return including dividends received 500 • Full year result excluding one-offs upgraded to be around USD 0 3.7bn from previously around USD 3.5bn Profit Profit ex. one-offs Free cash flow
Underlying profit by activity*
USD million Q3 2012 Q3 2013 600 539 500 460
400
300 231 196 195 200 155 160 164 84 100 18 0 Maersk Line Maersk Oil APM Terminals Maersk Drilling All Other
* Excluding gains, impairments and other one-offs
Appendix page 21 Strategy and targets
Maersk Line Maersk Oil APM Terminals Maersk Drilling Services & other shipping*
Self-funded 400,000 boepd USD 1bn NOPAT USD 1bn NOPAT USD 0.5bn NOPAT EBIT 5%-points > peers ROIC at least 10% Global leader Significant position in Self-funded Grow with market during rebuild ultra-harsh and ultra-deep seg. 2014 2020 2016 2018 2016
Investments: Danske Bank, Dansk Supermarked Group, Höegh Autoliners, Other
*Maersk Tankers, Maersk Supply Service, Damco and SVITZER
Appendix page 22 Priorities for execution
Deliver on commitments Maersk Line will keep managing its capacity effectively during the introduction of the Triple-E vessels while maintaining market share.
In addition to a safe operation, the most important target for Maersk Oil, is to commercialise successful exploration, hereunder delivering progress as planned on key projects such as Chissonga (Angola), Johan Sverdrup (Norway), Golden Eagle (UK), Jack (US) and to further ramp up the El Merk field (Algeria).
APM Terminals’ top priority is to effectively execute on the Santos terminal project in Brazil and the Maasvlakte II (Netherlands) project, while improving efficiency across the portfolio.
In Maersk Drilling, six new drilling rigs are coming into the fleet during 2014. The aim is to take delivery and commence operation of the rigs on time and on budget. Focus is also on securing contracts for the third and fourth drillship under construction with expected delivery in mid-2014.
Optimise balance sheets for future growth. The Group Golden Eagle, UK continues to allocate capital to the most profitable businesses. All business units continue to engage in efforts to clean their balance sheets of underperforming assets.
Appendix page 23 Capital allocation
Businesses Investment guidelines
Maersk Line • Invest up to own cash flow from operations when required to defend market position and preserve cost leadership Maersk Oil • Continued investment program to rebuild pipeline • Optimize portfolio when timely APM Terminals • Continued investment program to grow position in attractive locations • Active optimization of portfolio Maersk Drilling • Continued investment program towards scale; based on long-term contracts Services & other shipping • Invest where profitable to develop and grow • Must have positive free cash flow for overall business Investments • Limited investments as required to maximize value
Appendix page 24 Consolidated Financial Information (DKK)
Income statement (DKK million) Q3 2013 Q3 2012 Change 9M 2013 9M 2012 Change FY 2012
Revenue 82,060 87,280 -6.0% 242,323 257,499 -5.9% 342,363 EBITDA 18,228 19,344 -5.8% 51,522 53,550 -3.8% 70,986 Depreciation, etc. 6,470 8,393 -22.9% 20,375 22,594 -9.8% 30,193 Gain on sale of non-current assets, etc. net -169 1,122 231 3,273 -92.9% 3,600 EBIT 12,281 12,607 -2.6% 33,323 35,664 -6.6% 46,433 Financial costs, net -590 -1,023 -42.3% -3,131 -3,214 -2.6% -4,135 Profit before tax 11,691 11,584 0.9% 30,192 32,450 -7.0% 42,298 Tax 4,944 6,000 -17.6% 14,095 14,597 -3.4% 18,901 Profit for the period 6,747 5,584 20.8% 16,097 17,853 -9.8% 23,397
Key figures (DKK million) Q3 2013 Q3 2012 Change 9M 2013 9M 2012 Change FY 2012
Cash Flow from operating activities 16,262 16,602 -2.0% 42,375 32,126 31.9% 43,490 Cash Flow used for capital expenditure -7,823 -3,772 107.4% -22,950 -20,114 14.1% -35,757 Net interest-bearing debt 67,040 79,096 -15.2% 67,040 79,096 -15.2% 81,997 Earnings per share (DKK) 1,456 1,179 23.5% 3,400 3,794 -10.4% 4,964 ROIC (%) 9.5% 8.6% 0.9% 8.2% 9.3% 1.1pp 9.0% Dividend per share (DKK) 1,200
Appendix page 25 Group Business Drivers
Q3-13 Q2-13 Q3-12 Change vs Change vs previous previous year quarter
Transported container 2.3 2.2 2.1 +5% +10.6% volumes, FFE (million)
Average container freight 2,654 2,618 3,022 +1.4% -12.2% rate, USD/FFE
Maersk Line Fleet 279 owned 275 owned, 271 owned, Number (TEU, million) 297 chartered 309 chartered 309 chartered +4% +4% (2.7) (2.6) (2.6)
Share of oil and gas 229 226 240 +1.3% -4.6% production, ‘000 boepd
Average crude oil price 110 102 109 -7.8% +0.9% (Brent) Containers handled 9.3 9.1 9.0 +2.2% +3.3% (weighted with ownership share), TEU (million) Operational uptime 98% 96% 94% +2.1% +4.3%
Appendix page 26 Development in invested capital
Invested capital Q2 2012 Invested capital Q3 2013
Maersk Line Maersk Oil Maersk Line Maersk Oil APM Terminals Maersk Drilling APM Terminals Maersk Drilling Other businesses* Shipping & other services Other businesses* Shipping & other services
15.4% 12.8%
16.9% 17.4% 38.0% USD 52,699m 38.3% USD 53,403m
10.0% 7.4% 8.2% 13.3% 10.9% 11.4%
*Other businesses: DSG, 20% ownership in Danske Bank A/S (associated company), Maersk Our portfolio strategy towards 2017 (base Q2 2012) Container Industry, Maersk FPSOs and Maersk LNG, Ro/Ro and other
• At least 75% of the invested capital is within Maersk Line, Maersk Oil, APM Terminals and Maersk Drilling Maersk Tankers fleet reduction and impairments, the
divestment of the LNG fleet and of FPSO Maersk Peregrino • Maersk Line’s share of the Group’s invested capital is likely to be reduced towards a 25-30% range mainly explain the decrease in invested capital in the other business operations since Q2 2012 • Maersk Oil, APM Terminals and Maersk Drilling’s combined share of the invested capital will increase towards a 45-50% range
• Growing the business by 30%
Appendix page 27 Investment in growth
Cash flow from operations and Capex Track record for growth
USDbn
14 • Cash flow used for capital 12.0 expenditure, gross accumulates 12 11.4 10.1 to USD 52bn since 2008 10 9.4 8.5 8.4 • Cash flow generation from 8 7.3 7.5 7.5 operations has been USD 46bn 5.8 during the same period 6 4.7 5.1 • Our growth ambitions will result 4 in significant investments 2 funded primarily from own cash flow 0 2008 2009 2010 2011 2012 9M 2013
Cash flow from operating activities Cash flow for capital expenditure, gross
Appendix page 28 Cash flow supported by active portfolio management
Cash flow and gains from divestments Divestment cash flow
USDbn • Cash flow from divestments has been USD 3.5 3.3 11.0bn with divestment gains of USD 4.4bn 3.0 pre-tax since 2007
2.5 • Transactions with impact post Q2 2013;
1.9 2.0 • Divestment of the stake in DFDS with USD 1.7 1.7 0.3bn in proceeds during Q3 2013 1.5 1.1 1.2 • Maersk Tankers will receive further USD 0.4bn 0.9 0.9 1.0 0.7 proceeds from the sale of the Very Large Gas 0.7 0.6 0.5 Carriers (VLGCs) and Handy gas segments 0.5 0.2 0.04 • As part of Project Fit a long list of assets and 0.0 activities have been divested; including real 2007 2008 2009 2010 2011 2012 9M 2013 estate, inland logistics, rail services and a barge terminal Cash flow from divestments Divestment gains (pre-tax)
Appendix page 29 Investment in growth
Capital commitments Growth commitment
USDbn • The Group has entered into 14 4.6 12.3 USD 12.3bn capital
12 commitments per 30 September 2013 10 5.8 • 76% of all capital commitments or USD 9.4bn 8 is dedicated to growth in 6 Maersk Oil, APM Terminals and Maersk Drilling 1.9 4
2
0 2013 2014 2015-beyond Total
Maersk Line Maersk Oil APM Terminals Maersk Drilling All other
Appendix page 30 Credit rating of BBB+/Baa1assigned in September 2013
APMM has received a credit A credit rating is the natural next step in rating in order to: APMM’s funding strategy
• Support the Group’s growth • Funding historically based on banks, Export Credit Agencies and ship mortgage • Secure lowest funding cost institution • Ensure stable access to funding markets • 2009: Diversification through first • Optimize debt maturity profile bond issues
• Gain direct access to USD bond markets • 2013: APMM is largest unrated bond issuer in Europe with USD 5bn bonds outstanding
• Increased transparency of the Group
Rating: Baa1 (stable) Rating : BBB+ (stable)
Appendix
page 31
The Group’s financial GPI facility in St. Petersburg guidelines
Defined financial ratios in line with strong investment grade rating Key ratio guidelines:
• Equity / Total Assets ≥ 40% • Equity / Adj. Total Assets* ≥ 30% • Adj. FFO / Adj. Net Debt* ≥ 30% • Adj. Interest Coverage Ratio* ≥ 4x
We are well within the key ratio guidelines
*Adjusted for lease obligations
Appendix page 32 Funding in place with liquidity buffer of USD 15.2bn
Loan maturity profile end Q3 2013 Funding
USD billion • BBB+/Baa1 credit ratings (both stable) 10 assigned by S&P/Moody’s on 25 September 2013 8 • Liquidity reserve of USD 15.2bn as of end Q3 2013* 6 • Average debt maturity of about five years • Diversified funding sources - increased 4 financial flexibility • Corporate bond program - 30% of our
2 Gross Debt (USD 5.0bn) • Amortization of debt in coming years is on average USD 2.4bn per year 0 2013 2014 2015 2016 2017 2018 2019 >2020
Drawn debt Corporate bonds Undrawn revolving facilities * Defined as cash balances and undrawn committed facilities
Appendix page 33 Investments
Profit by activity* Dansk Supermarked Group
USD million Q3 2012 Q3 2013
• Profit improved to USD 62m (USD 36m) due to;
48 • Revenue growth seen across all Dansk Supermarked countries 62 • Cost reduction initiatives
• Profitability improvements in føtex and good sales and profitability growth in Netto across the four countries
• Closure of non performing stores in 44 2012 Danske Bank** 55
-150 -100 -50 0 50 100
*Excluding gains, impairments and other special items (Clean profit) **Contribution from Danske Bank is 20% of the reported net profit
Appendix page 34 Development in dividends
Development in dividends and yield since 2002 Pay-out ratio 33% of underlying profit in 2012 DKK % The Group’s objective is to 1,400 3.5% increase the nominal dividend per share over time; supported 1,200 3.0% by underlying earnings growth
1,000 2.5%
800 2.0%
600 1.5%
400 1.0%
200 0.5%
0 0.0% 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
Dividend per share (LHS) Dividend yield (RHS)
Appendix page 35 Maersk Line
Key facts
• 596 vessels with a capacity of 2.6m TEU transporting 8.5m FFE generating a total revenue of USD 27bn in 2012
• Enabling global growth with a total value of goods transported estimated at USD 650bn in 2012
• 31,000 employees (incl. 6,000 sea farers) in 362 office locations globally, serving 67,000 customers world wide
Maersk Line trade routes Note: Based on 2012-data. Total number of vessels as of Q2 2013 incl. multipurpose vessels. Value of shipping goods estimated as Maersk Line capacity market share (15%) of total value of global container imports by sea Source: Alphaliner, Maersk Line, Seabury
Appendix page 36 Maersk Line break-even level for freight rate reduced
Average freight rate, (USD/FFE) 3,100 Quarterly 3,014 3,022 Annual 3,000 2,908 2,892 2,846 2,900 2,860
2,800 2,770
2,654 2,700 2,671 2,646 2,618 2,600
2,500
2,400 Q1 11 Q2 11 Q3 11 Q4 11 Q1 12 Q2 12 Q3 12 Q4 12 Q1 13 Q2 13 Q3 13 NOPAT, (USDm) 424 -95 -289 -593 -599 227 498 335 204 439 554
Appendix page 37 Maersk Line EBIT-margin gap to peers
EBIT-margin, % EBIT-margin gap, %-points 25% 25%
20% 20%
15% 12.8% 15% 10.4% 9.2% 10% 5.4% 8.3% 10% 7.3% 7.0% 7.0% 4.8% 5.6% 4.6% 4.9% 4.9% 2.9% 0.7% 5% 3.0% 3.6% 3.9% 5% 1.1% 1.3% 0.9% 0% 0% -0.4% -5% -2.5% -5%
-10% -10%
-15% -15%
-20% -20% Gap to peers (rha.) Maersk Line
-25% -25% 08Q1 08Q3 09Q1 09Q3 10Q1 10Q3 11Q1 11Q3 12Q1 12Q3 13Q1 13Q3
Note 1: The peer group includes CMA CGM, Hapag-Lloyd, APL, Hanjin, Hyundai MM, Zim, NYK, MOL, CSCL, COSCO and OOCL. Averages are TEU-weighted. Note 2: CSCL, COSCO and OOCL only provide interim financials, hence quarterly EBIT-margin is based on their interim gap to MLB. Their quarterly gaps are always based on newest information, why latest Q1 and Q3 are re-evaluated when latest H1 and H2 is available. Note 3: CMA CGM, Zim, Hanjin and Hyundai MM have not yet released their 13Q3 financials and hence for the projected 13Q3 peer group average their margins are assumed to be as per their gap to ML in 13Q2. Note 4: EBIT margins are adjusted for gains/losses on sale of assets, restructuring charges, income/loss from associates. In addition ML’s EBIT margin is also adjusted for depreciations to match with industry standards. Source: Internal reports, competitor financial reports
Appendix page 38 Improved competitiveness has made us best in class
Maersk Line improving gap to peers H1 2013 industry top performers
EBIT margin, (% points) EBIT margin, (%) EBIT, (USD m)
10% Maersk Line 6% 755 8% CMA CGM 4% 286 8% OOCL 0% -7 Hapag Lloyd -1% -52 MOL -2% -59 6% 5% NYK -3% -72 Hanjin -3% 4% -131 4% APL -4% ZIM -4% -146 2% -81 2% Hyundai MM. -5% 2% CSCL -7% -111 COSCO -9% -169 Peer avg. -321 0% -2% H1 2011 H2 2011 H1 2012 H2 2012 H1 2013 -15% -10% -5% 0% 5% 10%
Note: The peer group includes CMA CGM, Hapag-Lloyd, APL, Hanjin, Hyundai MM, Zim, NYK, MOL, CSCL, COSCO and OOCL. Peer average is TEU-weighted. EBIT margins are adjusted for gains/losses on sale of assets, restructuring charges, income/loss from associates. Maersk Line’s EBIT margin is also adjusted for depreciations to match industry standards (25 years). Source: Company reports, Maersk Line
Appendix page 39 Vessel, bunker and terminal represent the largest components of our cost base
Cost base, FY 2012
Administration Terminal 9% and other costs USD 26bn costs 24% FY 2012 cost base Bunker 25%
12% Inland transpor- 3,054 USD/FFE tation FY 2012 unit cost 4% 26% Vessel costs Containers & other equipment
Note: Terminal costs: costs related to terminal operation such as moving the containers (mainly load/discharge of containers), container storage at terminal, stuffing (loading) and stripping (unloading) of container content, power for reefer units, etc. Inland transportation: costs related to transport of containers inland both by rail and truck. Containers and other equipment: repair and maintenance, third party lease cost and depreciation of owned containers. Vessel costs: port costs and canal fees (Suez and Panama), running costs and crewing of owned vessels, depreciation of owned vessels, time charter of leased vessels, cost of slot (capacity) purchases and vessel sharing agreements (VSA) with partners. Bunkers: costs related to fuel consumption of the vessels. Lubricants are included as part of vessel cost. Administration and other costs: own and third party agents in countries, liner operation centres, vessel owning companies, onshore crew and ship management, service centres and headquarters. Administration cost types such as staff, office, travel, training, consultancy, IT, legal and audit, etc. Other costs covering currency cash flow hedge, cargo and commercial claims and bad debt provision. Source: Maersk Line
Appendix page 40 Stability from diversity in contract duration and global footprint
Revenue split, H1 2013 Volume split, FY 2012
Demurrage, 3+ month Oceania North America detention 10% contracts 5% and other 15% revenue West & 17% Central Asia 41% 14% Latin 26% America 7% Spot Intra Asia 3% Intra Europe 24% 15% 23% 1-3 month Asia-Europe Africa contracts
Source: Maersk Line
Appendix page 41 P3 Network
In June, Maersk Line, MSC and CMA CGM agreed in principle to establish a long-term operational alliance on East–West trades, called the P3 Network (press release). The P3 Parties have carefully reviewed the applicable laws and are cooperating closely with competition and maritime authorities worldwide to provide the information required to obtain regulatory approval. Aim is to start operations in Q2 2014, assuming regulatory approval has been obtained by then.
Proposed Network
Appendix page 42 Maersk Oil
• Maersk Oil operates production of about 600,000 barrels of oil equivalent per day from Denmark, the UK, Qatar, Kazakhstan, Brazil and Algeria. Exploration activities are ongoing in Angola, Norway, the US Gulf of Mexico, Greenland and in the producing countries.
• Maersk Oil has experience in geological environments such as chalk and shelf carbonates, fluvio-deltaic and deepwater clastics, and presalt. It operates in conditions ranging from the harsh Arctic climate and terrain of Greenland to the arid Chissonga (Angola) Area steppe of Kazakhstan.
• The company is developing expertise in difficult operating conditions such as deepwater and High Pressure, High Temperature. page 43 Maersk Oil’s Key Projects (as of Q3 2013)
2013-2014 Sanctioned development projects
Project (Country) First Production Working Interest Net Capex Plateau Production (USD Billion) (Entitlement, boepd) FDP2012 (Qatar) 2013 100% 1.5 100,0001 Tyra SE (Denmark) 2015 31% 0.3 4,000 Golden Eagle (UK) 2014 32% 1.1 20,000 Jack (USA) 2014 25% 0.72 8,000
2015-2020 Major discoveries under evaluation (Pre-Sanctioned Projects3)
Project (Country) First Production Working Interest Net Capex Estimate Plateau Production (USD Billion) Estimate (Entitlement, boepd) Chissonga (Angola) 2017-18 65% TBD TBD Johan Sverdrup (Norway) 2018 20%4 2.05 50,0005 Culzean (UK) 2017-19 49.99% 2.4 20-45,000 Buckskin (USA) 2019 20% TBD TBD
1 FDP aims at optimising recovery and maintaining a stable production plateau around 300,000 boepd. Maersk Oil’s approximate production share is 100,000 boepd. 2 Phase 1 Maersk Oil estimate 3 Significant uncertainties about time frames and production forecast 4 Equity 20% of Block PL501 – unitisation with PL265 is being prepared 5 Wood Mackenzie data, estimated at a 10% pre-unitisation share
Appendix page 44 Progress on the road to 400,000 barrels per day (Q3 2013) - A maturing project portfolio
EXPLORATION Resources PROJECT MATURATION PROCESS Reserves PRODUCTION
Prospects in Initiate & the pipeline Discoveries Assess Select Define Execute Assets
Diamante Torvastad Farsund Johan Sverdrup Jack I Dunga III Denmark Mangesh Griffon Jack II2 Golden Eagle
Rothesay Mulavi 2 Valdemar WI Dunga Phase II Kazakhstan Zidane Ve (Bo) Swara Tika Ockley2 Buckskin Jackdaw Flyndre & East Chissonga Cawdor Balloch2 UK Xana Kopervik Tyra LE Cubal2 Blackjack 1 Isabella Courageous Elly-Luke El Merk Algeria Itaipu Gara Caporolo Culzean NW Vika Wahoo Oceanographer Azul- Qatar AddaTyra Celeste- Swara Tika Tyra SE L Cret Total of 100 exploration Turquesa FDP 20122 prospects and leads in the Quad 9 Brazil exploration pipeline gas blow-down
Total no. of projects 100 10 38 21 18 19 per phase
Uncertainty
Bubble size indicates estimate of net resources: Colour indicates resource type:
>100 mmboe 50-100 mmboe <50 mmboe Primarily oil Primarily gas Discoveries and prospects Arrows indicate stage gate passages (Size of bubbles do not reflect volumes) since Capital Markets Day 2012
1) Elly-Luke project offshore Denmark is being reconsidered in light of the technical and economic viability 2) Not included in Capital Markets Day 2012 overview
Appendix pagepage 45 Maersk Oil’s share of Production and Exploration Costs
Maersk Oil’s share of production (‘000 boepd) 500 DK UK Qatar Algeria Other 450 400 350 300 250 200 150 100 50 0 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 9M 2013
Maersk Oil’s exploration costs** (USDm)
1,400 ̃1,200 1,200 1,088 990 1,000 831 871 800 676 605 600 404 400 229 200 0 2006 2007 2008 2009 2010 2011 2012 9M 2013e 2013 * DUC ownership reduction occurred in Q3 2012 ** All exploration costs are expensed directly unless the project has been declared commercial
Appendix
page 46
Maersk Oil: Short -term perspectives
Denmark: Field development plan for Tyra SE: drilling activities ramping-up and construction progressing
Qatar: Field development plan for FDP 2012: drilling activities ramping-up and construction progressing
Algeria: El Merk went on stream in Q1 2013 and is ramping-up towards full production
UK: Gryphon re-started production late May 2013 and now in full production El Merk, Algeria Balloch on stream in May 2013
Kazakhstan: Dunga Phase II on production
Appendix
page 47
Maersk Oil: Long -term perspectives
Denmark: Completion of service check on the 2003 North Sea agreement
• Provides stable and long-term framework for investments and production
UK: Golden Eagle on track for production late 2014
Culzean progressing as planned
US: Jack on track for production late 2014
Angola: Chissonga FDP submitted to authorities
Cubal exploration well discovered hydrocarbons and evaluation ongoing
Norway: Several successful appraisal wells on Johan Sverdrup Golden Eagle, UK Brazil: Wahoo and Itaipu appraisal progresses
Appendix
page 48 APM Terminals
Commercial Operations – selling – delivering our services our services
Portfolio management Implementation – developing – constructing our services our services page 49 APM Terminals’ execution on strategy
Strategic aspiration by 2016 Status September 2013 (communicated at CMD 2012) Best port operator in the world • ROIC remains >12% despite high investment level
• 8% crane productivity improvement delivered in 2012 • Recognized for operational performance in Journal of Commerce - Port Productivity Report At least 50% revenue from 3rd party customers Achieved. More attractive terminals in growth markets • Commenced operations in Santos, Brazil • Completed upgrade of Monrovia, Liberia • Commenced expansion in Callao, Peru • Commenced construction in Lazaro Cardenas, Mexico • Concluded soil investigations in Moin, Costa Rica • Awarded preferred bidder for second terminal in Abidjan, Ivory Coast • Signed a strategic partnership agreement to create and operate the new Aegean Gateway Terminal near Izmir, Turkey • Acquired a co-controlling stake in Global Ports Investments (GPI), Russia • Acquisition by GPI of NCC, Russia, subject to approvals
Appendix page 50 APM Terminals financials including pro-rata share of joint ventures and associates
Q3 2013 Q3 2012
Share of Share of (USD million) Consolidated Total Consolidated Total JV’s & ass. JV’s & ass.
Revenue 1,122 297 1,419 1,051 220 1,271
EBITDA 241 121 362 225 89 314
EBITDA margin 21.5% 40.7% 25.5% 21.4% 40.4% 24.7% Net result, JV’s & 51 - - 34 - - ass. NOPAT 203 66 219 156 42 164 Average Gross 5,739 6,649 4,457 5,130 Investment
ROIC 14.2% - 13.2% 14.0% - 12.8%
Appendix page 51 Portfolio
APM Terminals has seven new terminal projects:
• Santos, Brazil, late 2013 • Maasvlakte II, end-2014 • Izmir, Turkey, 2015 • Lazaro Cardenas, Mexico, 2015 • Ningbo, China, 2015 • Moin, Costa Rica, end-2016 • Vado, Italy end-2016
and further 17 expansion projects of existing terminals in the pipeline. This combined with a young portfolio gives prospects of future growth
APM Terminals Number of Number of new projects Average remaining concession terminals length in years*
Russia & Baltics 6 - 37 Americas 13 3 16 Europe 14 3 27 Asia 17 1 26 Africa Middle East 13 0 18 Total 63 7 25
* As of year end 2012
Appendix page 52 Port projects underway - 2013
New terminal developments Existing terminal expansion
Americas Region Americas Region • Lázaro Cárdenas, Mexico (TEC2) • Buenos Aires, Argentina (Terminal 4) • Moin, Costa Rica (Moin Container Terminal) • Callao, Peru (APM Terminals Callao) • Santos, Brazil (Brasil Terminal Portuário) • Itajai, Brazil (APM Terminals Itajai) • Pecém, Brazil (Ceará Terminal Operator)
Asia-Pacific Region Asia-Pacific Region • Ningbo, China (Meishan Container Terminal • Pipavav, India (APM Terminals Pipavav) Berths 3, 4, and 5) • Tanjung Pelepas, Malaysia (Port of Tanjung Pelepas) • Qingdao, China (Qingdao New Qianwan Container Terminal)
Europe Region Europe Region • Izmir, Turkey (Aegean Gateway Terminal) . Algeciras, Spain (APM Terminals Algeciras) • Rotterdam, Netherlands (Maasvlakte 2) . Gothenburg, Sweden (APM Terminals Gothenburg) • Savona-Vado, Italy (Vado-Ligure) . Port Said East, Egypt (Suez Canal Container Terminal) . Poti, Georgia (APM Terminals Poti)
Africa-Middle East Region • Apapa, Nigeria (APM Terminals Apapa) • Aqaba, Jordan (Aqaba Container Terminal) • Luanda, Angola (Luanda Container Terminal) • Monrovia, Liberia (APM Terminals Monrovia) • Pointe Noire, Republic of the Congo (Congo Terminal S.A.)
Appendix page 53 Maersk Drilling
Founded Revenue in 2012 (USDm) 1972 1,683
3,600 638 employees EBITDA in 2012 (USDm)
Rig fleet (existing and newbuilds) Net Operating Profit After Tax in 2012 (USDm) 16+7 347
Note: Figures stated using 2013 accounting policies page 54 Managing the newbuild programme
Expected delivery schedule
XL Enhanced I KeppelKeppel FELS FELS
XL Enhanced II KeppelKeppel FELS FELS Managing the newbuild programme XL Enhanced III KeppelKeppel FELS FELS
XL Enhanced IV Daewoo Daewoo
Deepwater Advanced I SamsungSamsung HI HI
Deepwater Advanced II SamsungSamsung HI HI
Deepwater Advanced III SamsungSamsung HI HI
Deepwater Advanced IV SamsungSamsung HI HI
XL Enhanced I under construction at Keppel FELS
2013 2014 2015 2016
• The newbuild programme is on budget, but delivery of the first rigs will be slightly delayed
• Four jack-up rigs and four drillships under construction
• Long term contracts secured for six of the eight new builds
• First delivery in early 2014
Appendix page 55 Full utilisation of Maersk Drilling´s rigs in 2013 and continued strong operational uptime
Contracted days (left) and coverage % (right) Operational uptime*
1,500 100% 100% 96% 98% 96% 1,200 94% 80% 94% 96% 96% 92%
900 88% 60%
600 82% 40%
300 76% 20%
0 70% 0% 2009 2009 2010 2010 2011 2011 2012 2012 2013 2013 2009 2010 2011 2012 Q1 2013Q2 2013Q3 2013 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3
*Operational availability of the rig
Appendix pagepage 56 56 High forward contract coverage reflecting solid demand for high end assets
Maersk Drilling forward contract coverage
100% 100%
80% 90%
60% 61%
40% 45%
20%
0% 2013 2014 2015 2016
Note: As per end of Q3 2013
Appendix page 57 Long term EBITDA margin set to improve
EBITDA Margin (2009 – Q3 2013) Improving long term EBITDA margin
60% • Improving operational efficiency
• Investing in high margin assets 50% • Focusing on attractive industry segments and geographies
40% • Optimising asset portfolio
30% 2009 2010 2011 2012 H1 2013 Q3 2013
Maersk Drilling Competitor average Top quartile
Note: Maersk Drilling figures stated using 2013 accounting policies Note: Competitors include Atwood Oceanics, Diamond Offshore, Ensco, Noble, Rowan, Seadrill and Transocean Source: Company reports, Maersk Drilling
Appendix