Hamilton, Bermuda (February 25, 2021)
Fourth Quarter 2020 Highlights
- Revenue of $211 million was up 15% compared to third quarter
- EBITDA reported of $19.2 million was up 23% compared to third quarter
- EBITDA before exceptional items of $23.3 million
- Net interest bearing debt of $504 million
- Robust liquidity of $110 million
- Positive net income in the quarter
Dag Skindlo, CEO of Archer, comments:
“I am proud of how Archer delivered operationally and financially in the fourth quarter, resulting in positive net income and a strong liquidity position. Despite the challenges we have faced in 2020, our employees have done a tremendous job to further develop our company and improve our service-offerings.
We have during 2020 adjusted our cost levels to meet the changes in demand for our services, and I am pleased to report that we have delivered net positive cash flow from operations for five consecutive years, even in an extreme year as 2020.
We have increased efforts within all aspects of ESG, including a low carbon emission agenda. We have also in 2020 demonstrated that our technologies and operating model reduce the carbon footprint of our customers, a necessity for us and our customers in order to reach our objectives laid out in accordance with the Paris agreement. Furthermore, a growing business area for Archer is safe plugging and abandonment of wells.
Looking forward, we will focus on organic growth to build on our strong contract backlog combined with Archer’s proprietary technology. Furthermore, we are exploring accretive M&A opportunities which can segment our position within brownfield operations and well P&A. “
For additional information please contact:
Espen Joranger, Chief Financial Officer
Mobile: +47 982 06 812 | Email: espen.joranger@archerwell.com
Joachim Houeland, Manager Treasury & Investor Relations
Mobile: +47 482 78 748 | Email: joachim.houeland@archerwell.com
In connection with the earnings release, a presentation will be held at 9:00 am CET on February 25, 2021. To follow the presentation, the following options are available:
A. Webcast
To register for the webcast please go to https://streams.eventcdn.net/archer/2020q4/
B. Conference call
To access the call please dial in at the participant telephone numbers listed below. Please call in 10 minutes prior to the scheduled start time, and ask for the “Archer Fourth Quarter 2020 Earnings Release”
Participants dial-in:
NO: +47 23 963 688
UK: +44 33 330 09266
US: +1 844 625 1570
This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.