Hamilton, Bermuda (January 28, 2021)
Archer will today host an analyst call where we will share our preliminary financials for Q4 2020 and our outlook for 2021.
Trading update Q4 2020
Based on preliminary unaudited financials, Archer Limited expects to report the following key financials for Q4 2020:
Dag Skindlo, CEO of Archer, comments:
“Archer had a strong finish of the year and we are satisfied with the performance of the team during the covid-19 pandemic. In addition to solid operational performance, we have maintained our strong market position as well as increased our service offering.
We can be proud of Archer’s financial resilience demonstrated by delivering positive free cash flow over five consecutive years, despite the challenging markets. In 2020, we reduced our net interest-bearing debt by $78 million while preserving an ample liquidity buffer of $110 million. Some of our long-term resilience in the industry stems from having approximately 90% percent of our activity in the brownfield well market, where we in the medium term do not rely on the industry exploring and developing large new greenfield projects. Archer’s strong position in the P&A market in the North Sea will support meaningful activity levels for the decades to come.
Our main ESG agenda is to develop services and technologies that are supporting our clients with their net zero emission target, as well as developing our own service offerings towards the green economy.”
Financial outlook 2021
Market analysts expect overall market expenditures in 2021 to be in line with 2020, while Archer expects improved financial performance in 2021 on the back of a strong backlog and market position:
Q4 2020 and preliminary 2020 results are scheduled to be released on February 25, 2021.
More information can be found in the attached presentation to be shared with the analysts, which can also be downloaded from https://www.archerwell.com/investor-relations/presentations/
This information is subject of the disclosure requirements acc. to §5-12 vphl (Norwegian Securities Trading Act)