Archer Limited announced impairment guidance for the second quarter of 2020. For the quarter, the company expects impairment charges of $15 million -20 million.

The company also announced that in the current environment there is significant uncertainty related to forecasting, and main financial priorities are cost alignment to the reduced activity and safeguarding liquidity. Given the significant market uncertainty the company find it challenging to provide guidance, however the company currently estimates the following outcome for 2020; Annual revenue to be reduced by approximately 20%-25% compared to 2019.