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Archer Limited: 36% EBITDA-growth in 2023 and positive net income in the quarter

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Hamilton, Bermuda (February 29, 2024)

Archer today releases the fourth quarter and preliminary full-year 2023 financial report and reports positive net income of $8.5 million for the quarter, in line with the trading update released on January 26, 2024.

Some highlights from the financial report:

  • 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.
  • Positive net income for the quarter of $8.5 million

Q4 2023 RESULTS

Archer delivered revenue of $305 million in the fourth quarter 2023, up 15% from the same quarter last year ($264m). Adjusted EBITDA increased 14% to a record high $33.4 million ($29m), while EBITDA was $31 million ($27m). EBIT in the fourth quarter was $17.0 million ($13m), equivalent to an EBIT-margin of 5.5% (4.9%).  Net income for the quarter was $8.5 million ($16.4m), while adjusted net income was $7.6 million ($1.4m).

FULL-YEAR 2023 RESULTS

Archer’s full-year 2023 revenue was of $1,169 million, an increase of 20% from 2022 ($970m). EBITDA was $116.8 million, up 36% year-on-year ($86m). EBIT was $64.8 million, an increase of 121% from 2022 ($29.3m). Net loss for the year was $28.1 million (net income $9.8m), while adjusted net income was $14.4 million (net loss 11.8m).

Outlook 2024

Archer estimates 15-20% EBITDA growth in 2024 as well as further reduction of leverage ratio to between 2.4 and 2.7 at year-end 2024.

“As outlined in our trading update, the market outlook for our operating divisions remains positive, and we are well positioned to capitalize on this growth. Deleveraging Archer will remain a key focus in order to create additional financial flexibility and shareholder value for Archer in the coming years,” concludes Dag Skindlo, CEO of Archer. 

For additional information please contact:

Espen Joranger, Chief Financial Officer | Mobile: +47 982 06 812 | Email: espen.joranger@archerwell.com

Joachim Houeland, Manager Treasury & Investor Relations | Mobile: +47 482 78 748 | Email: joachim.houeland@archerwell.com

This information is subject of the disclosure requirements acc. to §5-12 vphl (Norwegian Securities Trading Act)

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