Archer boasts ‘best quarterly operating result in 3 years’
- Business & Finance
Oil services company Archer returned to profit and saw a slight increase in revenues during the third quarter of this year when compared to the same period last year.
Archer on Friday posted revenues of $213.7 million for the third quarter 2018 compared to $212.3 million in the prior-year quarter.
The company’s net income for 3Q 2018 was $6.9 million compared to a net loss of $6.8 million in the corresponding period last year.
According to the company, this was its best quarterly operating result in three years.
John Lechner, CEO Archer commented: “Archer is pleased to deliver the strongest quarterly EBITDA margin reported since the third quarter of 2015.”
Lechner also said: “On October 1st we successfully onboarded approximately 400 new employees when we mobilized to four additional Equinor platform rigs as awarded earlier in Q2. Our onshore and offshore teams have worked relentlessly to ensure a safe and effective start up and transition on all platforms, and we expect further modest headcount growth going forward as we deliver on the increased demand for our services in the market.
“Growth in our other businesses in Eastern Hemisphere leveled out in the third quarter, but with the increased contracted platform drilling activity, scheduled well services projects and underlying forecasted growth in E&P spend, I am confident we will see sustained incremental growth in the coming quarters.”
Offshore Energy Today Staff