Archer Limited Announces 2nd Quarter and Half Year 2020 Results

Source: www.gulfoilandgas.com 8/14/2020, Location: South America

Second quarter 2020 highlights
- Revenue of $192.8 million
- Reduced activity following Covid-19
- EBITDA before exceptional items of $25.4 million
- Refinanced completed with robust liquidity
- Net interest bearing debt reduced to $520 million
- Awarded modular rig contract for Topaz

Dag Skindlo, CEO of Archer, comments:
"Archer's operational and financial results were solid in the second quarter. Despite being negatively impacted by the Covid-19 pandemic and low oil price, our financial performance was better than we expected in the beginning of the quarter. We are also pleased to report positive net income on a YTD basis despite the market turbulence.

I am proud of all Archer employees around the world, who showed commitment and dedication in difficult times with lockdowns and working from home. The solid operational performance is primarily due to our ongoing operation in the North Sea including contribution from our modular rigs this quarter. The reduction in activity is predominantly related to our land drilling operations in Argentina, where the government-imposed lockdown has significantly impacted our ability to operate.

Market conditions will remain volatile going forward. We will continue to monitor the development of the pandemic and are prepared to swiftly adapt further measures to ensure the safety of our colleagues, customers and stakeholders, as well as to adjust our cost base and investments to safeguard our liquidity".

Archer financial outlook for 2020 improved
Despite the significant market uncertainty, we currently estimate the following for 2020:
- Revenues expected 15-18% lower than in 2019
- Capex expected at about 3% of revenue
- Net interest bearing debt estimated at $515-520 million end of 2020


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