Archer Limited: Third quarter 2021 results
Hamilton, Bermuda (November 5, 2021)
Third Quarter 2021 Highlights
- Revenue ending at $243 million in the quarter, an increase of $15 million compared to previous quarter.
- EBITDA before exceptional items of $23.5 in the quarter, an increase of $1.2 million
- EBITDA of $20.5 million is negatively impacted by exceptional charges incurred in the quarter
- NIBD moderately reduced, despite significant increase in activity and high investments during the quarter
- Successfully completed P&A campaign on Gyda for Repsol
Dag Skindlo, CEO of Archer, comments:
“Our activity continues to increase, particularly within our Wireline segment which was positively impacted by the full quarter of new wireline scope and the full quarter with contribution from DeepWell. Revenue came in at $242 million, an increase of $15 million compared to the previous quarter.
On the back of increased activity, we report $1.2 million increase in our adjusted EBITDA, coming in at $23.5 million, driven primarily by solid contribution from Wireline as well as operating bonuses achieved by our modular rig in New Zealand. Our operations in Argentina continue to hamper our financial performance with low drilling activity in the country.
We successfully completed the P&A campaign on Gyda with our OneArcher operating model, which included services from Platform Drilling, Engineering, Wireline and Oiltools. This success-story proves our operating model and capabilities for the growing P&A market.”
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
Q3 Presentation
In connection with the earnings release, a presentation will be held at 9:00 am CET on November 5, 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/2021q3
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 2021 Earnings Release Call”
Participants dial-in:
Norway: +47 23963688
United Kingdom: +44 3333009260
United States: +1 6467224904
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