First Quarter 2023 Highlights
- Revenue of
$267 million , up 22% from the same quarter last year -
Strong EBITDA of
$25.2 million , up 55% from the same quarter last year - Strong cash management contributed to reduced NIBD
- Integrated the P&A specialist Romar-Abrado during the quarter
-
Completed the acquisition of
Baker Hughes' UK coil tubing and pumping business - Completed the refinancing in April
On the strong first quarter, Dag Skindlo, CEO of Archer, comments:
"I am pleased to report strong financial results in the first quarter of the year. We delivered strong performance across all divisions, despite the first quarter historically having lower activity and fewer operating days. Our land drilling division delivered above expectations with additional well bonuses, lower non-productive time, and lower costs. We continue to see increased international demand for well services and we are well underway to meet our overall financial guidance for the year.
We have progressed well on integrating Romar-Abrado into our Well Services division, and we completed the acquisition of
Yesterday we announced the election of
We have completed the refinancing of Archer with a proforma net debt of
Archer will host a conference call at
A. Webcast
To register for the webcast please go to https://events.q4inc.com/attendee/153304395
B. Conference call
To access the call, which is open to the public, 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 First Quarter 2023 Earnings Release Call"
Participants dial-in:
The operator will ask for your name and company. Following the presentation there will be a Q&A session. Information on how to ask questions will be given at the beginning of the Q&A session.
For additional information please contact:
Dag Skindlo, Chief Executive Officer, Mobile: +47 982 26 624 | Email: dag.skindlo@archerwell.com
Joachim Houeland, Manager Treasury & Investor Relations, Mobile: +47 482 78 748 | Email: joachim.houeland@archerwell.com
This information is subject of the disclosure requirements acc. to §5-12 vphl (Norwegian Securities Trading Act)
https://news.cision.com/archer-limited/r/archer-limited--strong-first-quarter-financial-performance,c3767074
https://mb.cision.com/Public/17569/3767074/be01172a8f801b00.pdf
https://mb.cision.com/Public/17569/3767074/85277264d3384c4b.pdf
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