A.P. MØLLER HOLDING A/S ANNUAL REPORT 2019 · MANAGEMENT REVIEW
MAERSK DRILLING Maersk Drilling was separately listed on 4 April 2019, following a demerger from A.P. Møller - Mærsk A/S, and delivered financial results for 2019 in accordance with expectations.
The Drilling Company of 1972 A/S (Maersk Drilling) was successfully listed as a stand-alone entity in April 2019 with A.P. Moller Holding as the largest shareholder holding 41.62% of the shares.
EXECUTIVE BOARD • Jørn Madsen (CEO) • Jesper Ridder Olsen (CFO) BOARD OF DIRECTORS • Claus V. Hemmingsen (Chairman) • Robert M. Uggla (Vice Chairman) • Alastair Maxwell • Ann-Christin G. Andersen • Kathleen McAllister • Kristin H. Holth • Martin N. Larsen • Caroline Alting • Glenn Gormsen
Since its inception in 1972 as part of A.P. Moller - Maersk, Maersk Drilling has been on the forefront of developing high-end rigs and providing high-efficiency drilling services to oil and gas companies around the world. Maersk Drilling owns and operates 22 mobile offshore drilling units specialising in harsh environment and deep-water operations. THE YEAR IN BRIEF 2019 marks a new era for Maersk Drilling as this is the first year as a stand-alone company. The company was demerged from A.P. Moller - Maersk in the beginning of April 2019 and subsequently listed on Nasdaq Copenhagen. Significant resources have been spent on preparing and successfully executing the demerger and listing of Maersk Drilling. The
work has focused on establishing the governance model to reflect the new corporate structure, stand-alone financing and further build on the strong capabilities and heritage which have been developed over decades. The separation process has not impacted the operational performance, and in 2019 Maersk Drilling continued delivering on the commercial and operational parameters, increasing utilisation to 77% (69%) and maintaining a high financial uptime of 98.9% (99.1%). In connection with the Annual General Meeting 2019 in A.P. Moller - Maersk, Maersk Drilling’s Board of Directors was elected. We believe the capabilities and relevant experience added to the Board of Directors in connection with the demerger will support Maersk Drilling going forward. STRATEGY REVIEW Maersk Drilling is fully focused on safe operations. It is a pivotal cornerstone embedded in the corporate values both on- and
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