Archer Limited Announces First Quarter 2021 Results

Source: www.gulfoilandgas.com 5/12/2021, Location: South America

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.”


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