Archer Limited : Fourth Quarter 2017 Earnings Release
Hamilton, Bermuda (February 27, 2018) Fourth quarter highlights 2017 · Strong cash flow generation with a reduction in Net Interest Bearing Debt of $21.3 million. · Revenue of $223.7 million. · EBITDA of $16.5 million before exceptional items. · IPO of QES on NYSE - Archer's share valued at $95 million at time of IPO. · Renewed contract for Platform Drilling in Brazil for Statoil. · Land drilling in North of Argentina continues to deliver strong performance, but rig mobilization costs in Bolivia and South of Argentina impacted EBITDA. John Lechner, CEO