Archer Limited: Continued growth and record quarter
Hamilton Bermuda (October 30th, 2024)
In the third quarter, Archer continued to deliver strong growth with revenue of $335 million and EBITDA of $34.9 million, representing a YOY-growth of 11% and 14% respectively. Year to date, Archer’s EBITDA has grown by 15% over the same period last year, highlighting Archer’s continued ability to grow revenue while improving margins.
Third Quarter 2024 Highlights:
- Q3 Revenue of $335m; up 11% YOY
- Q3 EBITDA before exceptional $36.3m, up 11% YOY
- Record Q3 EBITDA of $34.9m, up 14% YOY
- YTD EBITDA of $98.5m, up 15% YOY
- Positive net income in Q3 of $2.9m
- Acquired MPD service provider in Argentina
- Acquired Moreld Ocean Wind in Norway
- Secured 5-year platform drilling contract with OKEA
- Secured contract with TotalEnergies for floating offshore wind project
CEO Dag Skindlo comments:
"I’m pleased to report that our third quarter results reflect another period of strong growth and strategic achievements. With Q3 revenue reaching $335 million, we are up significantly from last year, driven by consistent performance across our key segments. Our Q3 EBITDA before exceptional items came in at $36.3 million, a 11% increase over the prior year, further underscoring the effectiveness of our focused growth initiatives.
EBITDA this quarter of $34.9 million is the best quarterly result since first quarter 2016. We report a positive net income of $2.9 million this quarter.
Looking ahead, we are confident that our diversified portfolio, innovative offerings, and the recent partnerships and acquisitions will drive sustained value for our shareholders and clients. We remain focused on scaling our business while improving our cash generation for delevering. "
CONFERENCE CALL FRIDAY NOVEMBER 1st AT 09:00 CET
Archer will host a conference call at 9:00 am CET on November 1, 2024. To follow the presentation, the following options are available:
A. Webcast
To register for the webcast please go to https://events.q4inc.com/attendee/770656201
B. Conference call
To access the call, which is open to the public, please dial in at the participant telephone numbers listed below. Please call in 10 minutes prior to the scheduled start time and ask for the “Archer Third Quarter 2024 Earnings Release Call”.
Participants dial-in:
- United Kingdom - London +44.20.3481.4247
- USA / International Toll +1 (646) 307-1963
- Norway - National +47 57 98 94 30
Conference ID 4689979
The operator will ask for your name and company. Following the presentation there will be a Q&A session. Information on how to ask questions will be given at the beginning of the Q&A session.
For further details, please contact:
Dag Skindlo, Chief Executive Officer | Mobile: +47 982 26 624 | Email: dag.skindlo@archerwell.com
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)