- Home
- Equities - Stocks - Shares
- Company Press Releases
- Archer Limited: Strong Fourth Quarter and Increased 2023 Guidance
Archer Limited: Strong fourth quarter and increased 2023 guidance
28 Feb 2023 07:00 CET
Hamilton, Bermuda (February 28, 2023)
Fourth Quarter 2022 Highlights
· Revenue of $264 million, up 10% from last quarter
· EBITDA before exceptional items of $29.2 million, up 23% from last quarter
· Positive net results for Q4 of $16.4 million and full year 2022 of $9.8
million
· Finalized the 50% investment in Iceland Drilling
Subsequent events
· Acquired P&A specialist Romar-Abrado
· Announced the acquisition of Baker Hughes' coil tubing and pumping business
in UK
· Raises EBITDA guidance for 2023 to 25%-35% above 2022
On the solid fourth quarter, Dag Skindlo, CEO of Archer, comments:
"I am pleased that we are growing and delivered strong financial results in the
last quarter of the year. The growth is driven by solid operational performance
and improved market conditions. We believe the market fundamentals for our
services will continue to improve and we are likely to see a multiyear upcycle
within oil service industry.
We have strengthened our Well Services division capabilities and product
offering through the acquisitions of Romar-Abrado and Baker Hughes coil tubing
and pumping business in the UK. Both transactions are accretive to Archer and
improves our service offering. These acquisitions, combined with inhouse product
development and innovation, have resulted in the broadest and the most advanced
P&A tools offering within the industry. "
Financial outlook
"Going into 2023, we have a backlog of $2.3 billion with additional $2.2 billion
in contracted options. We see improvements in our Well Services division and are
expecting to see a 65-75% growth in EBITDA for 2023. We predict that this
segment will account for more than 40% of our total EBITDA this year. We expect
a moderate growth in our Platform Operations division in 2023 over 2022. The
expectation for our Land Drilling division is to grow EBITDA by 25-40% in 2023.
We have improved backlog and contract coverage for our rigs entering into 2023
compared to 2022. Overall, Archer's EBITDA for 2023 is expected to be 25-35%
higher than 2022
We are exploring alternatives for our debt, and we believe that we will have a
solution well ahead of maturity 1st October 2023. "
Archer will host a conference call at 9:00 am CET on February 28, 2023. To
follow the presentation, the following options are available:
A. Webcast
To register for the webcast please go to
https://events.q4inc.com/attendee/367701463
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 Limited fourth quarter and
preliminary 2022 results conference call"
Participants dial-in:
NO: +47 81 503 308
UK: +44 20 3936 2999
US: +1 855 979 6654
Access code: 303980
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
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
This information is subject of the disclosure requirements acc. to §5-12 vphl
(Norwegian Securities Trading Act)
More information:
Access the news on Oslo Bors NewsWeb site
583748_Archer_Q4_2022_Presentation.pdf
583748_Archer_Q4_2022_Report.pdf
Source
Archer Limited
Provider
Oslo Børs Newspoint
Company Name
ARCHER
ISIN
BMG0451H1170, BMG0451H2087
Symbol
ARCH
Market
Oslo Børs