Second Quarter 2021 Highlights
- Revenue increased by 18.3% year over year
- EBITDA of $21.2 million despite challenging situation in Argentina
- Positive net income of $1.6 million, equivalent to USD 0.01 per share
- Completed acquisition of DeepWell
- Backlog addition totaling $325 million in Land Drilling, Wireline and Oiltools
Dag Skindlo, CEO of Archer, comments:
“We grew our EBITDA on the back of increased activity in both Eastern and Western Hemisphere in the quarter and report positive net income, despite the continued difficult Covid-19 situation and financial distress in Argentina.
Our Wireline division experiences a sharp increase in activity as they commenced the new integrated wireline contract with Equinor, secured a five-year frame agreement with ConocoPhillips and completed the acquisition of DeepWell in the second quarter. Through these events, we have established Archer as the market leader for mechanical wireline and wireline intervention services on the Norwegian Continental Shelf. We see promising results already and look forward to growing our wireline division further going forward.
Archer believe in always being highly service-oriented and work integrated with our customers, which have enabled us to gain market share and deliver measurable efficiencies to our customers. In the quarter we secured $325 million of backlog in Wireline, Oiltools and Land Drilling. We believe these contract awards are the result of our continuous focus on people, safety, quality in delivery and innovation.
The ongoing energy transition is creating new challenges and opportunities for Archer. We are committed to contribute with services and innovative solutions which support this transformation. Later this year we will announce our commitment to emission reduction and our plan for our long-term participation in the energy transition.”
