Archer Limited Announces Third quarter 2021 results

Source: 11/5/2021, Location: South America

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.

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