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Monday, November 23, 2020

Maersk Drilling CFO to Step Down

July 31, 2020

Chief Financial Officer Jesper Ridder Olsen - Credit: Maersk Drilling

Chief Financial Officer Jesper Ridder Olsen - Credit: Maersk Drilling

Danish offshore drilling company Maersk Drilling said Friday its Chief Financial Officer Jesper Ridder Olsen would step down from the position by January 2021.

The offshore drilling contractor said that Ridder Olsen had "decided to pursue another opportunity outside Maersk Drilling and will leave the
company by the end January 2021 at the latest."

He was appointed CFO and member of Executive Management in Maersk Drilling in 2018.

Jørn Madsen, CEO of Maersk Drilling says: "Since he joined Maersk Drilling in 2018, Jesper has been instrumental in the transformation of our company from a business unit in A.P. Moller - Maersk to an independently listed company on Nasdaq Copenhagen.

"I would like to thank Jesper for his contributions to Maersk Drilling and I appreciate his commitment to ensure a smooth and efficient handover in the months to come as we commence the search for his replacement.”

Maersk Drilling in May revised down its earnings expectations for the year 2020 citing oil and gas companies' cuts in spending, reduced sanctioning of new projects, delays, and cancellations of drilling tenders, and the fact that some contracts in hand contracts had been renegotiated, suspended, or terminated.
The driller revised its guidance for 2020 for EBITDA before special items to USD 250-300m (previous guidance of USD 325-375m).

The company said that the revised guidance reflected expected adjustments to the existing contracts based on current customer dialogues, no additional contracts with financial impact in 2020, and COVID-19 related costs.

The drilling firm will release its 1H 2020 results on August 14, 2020.

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