Archer tightens 3Q net loss
- Business & Finance
Oil services company Archer Limited cut its net loss during the third quarter of the year compared to the prior-year period.
Archer’s net loss for the third quarter 2017 was reduced to $4.6 million from $42 million in the prior-year period, according to its quarterly financial report issued on Tuesday.
For the third quarter 2017 Archer posted revenues of $212.3 million compared to $214.4 million in the corresponding period of 2016.
John Lechner, CEO Archer, commented: “The outlook for oilfield services remains uncertain, but Archer is benefiting from exposure to differing geographies and early cycle segments. A stable oil price at current levels will support activity growth into 2018. We remain committed to de-leveraging and strengthening our balance sheet through strict capital discipline and focus on efficient operations.”
Contract awards and renewals during 3Q 2017 improved order backlog by roughly $100 million.
Looking ahead, Archer said that its Platform Drilling business continues to secure contract extensions while performance of US land is expected to increase in the quarters to come. The company also said that offshore drilling and exploration activity remains muted but a stable oil price at current level will support growth into 2018.
Offshore Energy Today Staff