Archer Limited: First Quarter 2021 Results
Hamilton, Bermuda (May 12, 2021)
First Quarter 2021 Highlights
- Revenue up $2.8 million compared to Q4
- EBITDA of $21.0 million, an increase of 9.4% compared to Q4
- Positive net income of $6.1 million, equivalent to NOK 0.35 per share
- NIBD reduced YOY by $81 million to $507 million
- Wireline awarded integrated contract by Equinor Norway
Subsequent events
- Signed SPA to acquire DeepWell
- Wireline awarded contract by ConocoPhillips Norway
Dag Skindlo, CEO of Archer, comments:
“I am pleased that Archer continue to deliver strong operational results, also in Q1 2021. We continue to expand our service offering within brownfield operation, driving improvements in our profitability while securing our liquidity position.
Archer has so far in 2021 successfully secured a backlog of NOK 3.5 billion for execution over the next 5 years in our wireline division. The contract awards create scale and gives us a unique opportunity to further develop our “OneArcher” operating model and create value for our customers. The recently announced acquisition of DeepWell builds on the strength of our Well Services division within brownfield and safe plugging and abandonment of wells. The strategic acquisition is accretive both to Archer’s NIBD / EBITDA ratio and EV / EBITDA ratio.”
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
Q1 Presentation
In connection with the earnings release, a presentation will be held at 9:00 am CET on May 12, 2021. To follow the presentation, the following options are available:
A. Webcast
To register for the webcast please go to https://streams.eventcdn.net/archer/2021q1/
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 First Quarter 2021 Earnings Release Call”
Participants dial-in:
NO: +47 23500236
UK: +44 333 3009 261
US: +1 833 823 0586
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.
This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act