Archer Limited: Record EBITDA in Q2 and additional backlog secured
Hamilton, Bermuda (August 16, 2023) Second Quarter 2023 Highlights · Revenue of $295 million; up 20% YOY · Adjusted EBITDA of $31.9 million; up 52% YOY · EBITDA of $30.0 million; up 54% YOY · EBIT-margin of 6.3%, totaling $18.7 million · On track to meet upper range of our financial guidance for 2023 · Secured a five-year ~$50 million coiled tubing and pumping contract in the UK Subsequent events · Awarded a $165 million contract for permanent plug and abandonment (P&A) of 32 wells in UK · Awarded a 5-year contract for P&A, Fishing, Cleaning and Rental