Archer Limited: Record Q4 and 36% EBITDA-growth in 2023 | Forecasts continued EBITDA growth and reduced leverage for 2024
Hamilton, Bermuda (January 26, 2024) Drilling and well services provider Archer today provides a trading update for the fourth quarter and full-year 2023, and financial outlook for 2024. Some highlights from the trading update: · Revenue of $305 million and adjusted EBITDA of $33.4 million in Q4 2023, a year-on-year increase of 15% and 14%, respectively. · EBITDA grew by 36% in 2023, exceeding upper range of full-year guidance. · Reduced leverage ratio to 2.9 at year-end 2023. · Estimates 15-20% EBITDA growth in 2024 as well as further reduction of leverage ratio to