Archer Limited: Second quarter and first half 2022 results
Hamilton, Bermuda (August 12, 2022)
Second Quarter 2022 Highlights
- Revenue of $247 million
- EBITDA before exceptional items of $20.9 million
- Available liquidity of $97 million
Subsequent events
- Agreed to acquire 50% of Iceland Drilling for $8.25 million
- Achieved world record in well intervention at 12.4 kilometers
Dag Skindlo, CEO of Archer, comments:
“With our investment in Iceland Drilling we anchor our commitment to the ongoing energy transition. Iceland Drilling is a leading geothermal drilling and well services company, has annual revenue of approximately $40 million, and is profitable with free positive cash flow. We believe that geothermal drilling will provide growth opportunities for, and synergies with, our existing asset base, our operational experience, and our core competences.
We are thrilled that Archer has recently set a world record for successfully performing well intervention at 12.4 kilometers. The Archer team successfully conveyed production logging sensors utilizing our Comtrac™ technology for a major customer in the UEA. These impressive results far exceed any alternative intervention solution available and will enable us to develop a high value, market leading position in long range well intervention.
The reported financials for the second quarter reflect several platforms being in maintenance during the quarter and several projects slipping to the second half of the year. We expect a strong second half of the year with EBITDA growth above 35% and confirm our previous guidance for the full year.
Looking beyond 2022, we remain optimistic as to the market activity and fundamentals for Archer. We believe demand recovery and the focus on energy security and diversification will have positive implications for energy investment over the next few years. Based on our backlog, our clients’ activity plans and a supportive macro environment, we see 2023 EBITDA well above 2022 levels and a continued strengthening outlook thereafter.”
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
Q2 Presentation
In connection with the earnings release, a presentation will be held at 9:00 am CEST on August 12, 2022.
To follow the presentation, the following options are available:
A. Webcast
To register for the webcast please go to https://streams.eventcdn.net/archer/2022q2/
B. Conference call
To access the call, which is open to the public, please dial the participant telephone numbers listed below. Please call in 10 minutes prior to the scheduled start time, and ask for the “Archer Second Quarter 2022 Earnings Release Call”
Participants dial-in:
Norway: 815 03 308
United Kingdom: 020 3936 2999
United States: 1 646 664 1960
Participant Access code: 146103
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