Archer Limited: Second Quarter 2019 Earnings Release
Hamilton, Bermuda (August 8, 2019)
Second quarter highlights 2019
- Revenue of $235.6 million
- EBITDA of $23.5 million, or 10% of revenue
- EBIT of $11.3 million or 5% of revenue versus a loss in same period last year
- Net Income of $3.5 million
- Net Interest Bearing Debt further reduced to $580 million
Kjell-Erik Østdahl, Executive Chairman of Archer comments:
“The second quarter of 2019 showcases the improvement done in Archer during the last few years. This is the fourth consecutive quarter with EBITDA margin above 10%. The increase in margins is partly due to higher activity levels, but also stricter cost control and more effective operations.
We are proud of the recently announced contract for the modular rig Archer Emerald with expected start-up of operations in 2020. Getting our modular rigs working again will provide meaningful contribution both on revenue and margin to Archer in the years to come. Further, we also renewed our contract with Chevron in the UK on the Alba Northern and Captain platforms in April, securing additional backlog for our Platform Drilling Division in a quarter where a couple of platforms became inactive.
Archer expects stable strong operating and financial performance for the remainder of 2019, with the second half of 2019 to largely mirror the first half, despite slightly lower activity levels in Platform Drilling and Land Drilling.”
Webcast and Conference call details
A conference call will be held at 08:00 London time, 09:00 Oslo time on August 8, 2019. To listen to the conference call, the following options are available:
To register for the webcast please go to https://archer.eventcdn.net/201908H1
B. Conference call
To access the call, which is open to the public, please contact the conference call operator at the participant telephone numbers listed below. Please call in 10 minutes prior to the scheduled start time, and ask for the "Archer Second Quarter 2019 Earnings release."
Participant Telephone Numbers:
|Norway:||+47 2350 0265|
|UK:||+44 (0)203 194 0544|
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.