Hamilton, Bermuda (November 6, 2020)
Third quarter 2020 highlights
Dag Skindlo, CEO of Archer, comments:
“Despite the reduction in activity in the quarter, Archer continue to generate positive operating cash flow and to reduce its net interest-bearing debt substantially. The improved liquidity combined with the announced amendments to our loan facility enhances Archer’s financial flexibility going forward.
The reduced activity-level is predominantly related to our Land Drilling operations in Argentina, where the government-imposed lockdown adversely impacted the quarter. Towards the end of the quarter we experienced a modest increase in activity in Argentina. With the announced gas subsidy regulation in Argentina to stimulate local gas production, we expect the activity to increase going forward, and Archer is well positioned to benefit from the stimulation package.
Furthermore, we have successfully secured additional backlog in our platform drilling segment, by the two contract extensions awarded for a total of 14 installations on the UK shelf”.
Archer financial outlook for 2020
For additional information please contact:
Espen Joranger, Chief Financial Officer
Mobile: +47 982 06 812 | Email: email@example.com
Joachim Houeland, Corporate Treasurer
Mobile: +47 482 78 748 | Email: firstname.lastname@example.org
In connection with the earnings release, a presentation will be held at 9:00 am CET on November 6, 2020. To follow the presentation, the following options are available:
To register for the webcast please go to https://archer.eventcdn.net/2020q3/register/
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 Third Quarter 2020 Earnings Release”
NO: +47 23500243
UK: +44 3333000804
US: +1 8558570686
Participant pincode: 65771962#
This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.