Third quarter 2020 highlights
· Revenue of
· EBITDA before exceptional items of
· Awarded contract extensions for a total of 14 installations in the
· Agreed amendments to financial covenant
· Net interest bearing debt reduced by
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
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
Archer financial outlook for 2020
· Activity to increase in Q4 compared to Q3
· Revenues expected 10-15% lower than in 2019
· Capex expected between 3-4% of revenue
· Net interest bearing debt estimated at
For additional information please contact:
Mobile: +47 982 06 812 | Email: espen.joranger@archerwell.com
Joachim Houeland, Corporate Treasurer
Mobile: +47 482 78 748 | Email: joachim.houeland@archerwell.com
In connection with the earnings release, a presentation will be held at
A. Webcast
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"
Participants dial-in:
NO: +47 23500243
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.
https://news.cision.com/archer-limited/r/archer-limited--third-quarter-2020-results,c3232507
https://mb.cision.com/Public/17569/3232507/83480a78d75c3981.pdf
https://mb.cision.com/Public/17569/3232507/955a7ae1fa80ad6f.pdf
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