A labyrinth seal is provided for sealing the annular interspace between the rotor and the stator of a steam turbine or gas turbine. The labyrinth seal includes a multiplicity of sealing strips which are arranged in series in the axial direction and fastened on the stator and project into the interspace. The sealing strips interact, with sealing effect, with rotor-side sealing elements which are arranged in a staggered manner. An improved sealing effect is achieved by the sealing strips in the cold installed state being offset in relation to a symmetrical position, wherein the offset has the reverse direction and the same amount as the distance by which the sealing strip is displaced relative to adjacent rotor-side sealing elements as a result of thermal expansions of the stationary and rotating components and support structure when being heated from the cold installed state to a hot steady-state operating condition.