Archer Limited Announces 2nd Quarter & First Half 2022 Results

Source: www.gulfoilandgas.com 8/12/2022, Location: South America

Second Quarter 2022 Highlights
Revenue of $247 million
EBITDA before exceptional items of $20.9 million
Available liquidity of $97 million

Subsequent events
Agreed to acquire 50% of Iceland Drilling for $8.25 million
Achieved world record in well intervention at 12.4 kilometers

Dag Skindlo, CEO of Archer, comments:
"With our investment in Iceland Drilling we anchor our commitment to the ongoing energy transition. Iceland Drilling is a leading geothermal drilling and well services company, has annual revenue of approximately $40 million, and is profitable with free positive cash flow. We believe that geothermal drilling will provide growth opportunities for, and synergies with, our existing asset base, our operational experience, and our core competences.

We are thrilled that Archer has recently set a world record for successfully performing well intervention at 12.4 kilometers. The Archer team successfully conveyed production logging sensors utilizing our ComtracT technology for a major customer in the UEA. These impressive results far exceed any alternative intervention solution available and will enable us to develop a high value, market leading position in long range well intervention.

The reported financials for the second quarter reflect several platforms being in maintenance during the quarter and several projects slipping to the second half of the year. We expect a strong second half of the year with EBITDA growth above 35% and confirm our previous guidance for the full year.

Looking beyond 2022, we remain optimistic as to the market activity and fundamentals for Archer. We believe demand recovery and the focus on energy security and diversification will have positive implications for energy investment over the next few years. Based on our backlog, our clients' activity plans and a supportive macro environment, we see 2023 EBITDA well above 2022 levels and a continued strengthening outlook thereafter."


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