Low oil price helps Maersk upgrade its financial forecast

New hydrocarbons found in the North Sea

The low price of oil has contributed to the Danish oil and shipping giant Maersk upgrading its financial projection for 2015 after its first quarter results showed profits of over 10 billion kroner.

Maersk’s chief executive Nils Smedegaard Andersen called the quarterly result “very satisfactory” and revealed that the company’s annual result would be upgraded to around 26.57 billion kroner.

“We deliver a headline profit of 1.6 billion US dollars, which is the best first quarter we’ve ever seen, driven by a very strong performance by Maersk Line, which also delivered a best first quarter ever despite falling rates,” Andersen said.

READ MORE: Maersk eyeing more monster ships

North Sea find
The upgrade was helped along by Maersk Line, Maersk Drilling and APM Shipping Services, which all enjoyed the benefits of the lower oil prices.

In related news, Maersk Oil and a consortium of partners have located hydrocarbons five kilometres down in a well between the Harald gas field and the Svend oil field in the westerly part of the Danish part of the North Sea.

The oil companies are going to evaluate the data of the find closer to establishing whether the find is commercially viable.

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