Archer swings back to the black

Oil services company Archer returned to profit in the second quarter of this year from a loss in the same period last year. 

Archer posted a net income of $3.5 million for the second quarter of 2019 compared to a loss of $7.4 million in the prior-year quarter.

The company’s revenues increased to $235.6 million in the second quarter of this year from $224.4 million in 2Q 2018.

Compared to 1Q 2019, Archer’s revenues were up $10 million, or 4.4%, reflecting increasing activity levels in Eastern Hemisphere business segments, mainly within the Platform Drilling division. Western Hemisphere revenue was in line with previous quarter.

The company reduced its net interest bearing debt to $580 million.

Archer expects stable strong operating and financial performance for the remainder of 2019, with the second half of 2019 to largely mirror the first half, despite slightly lower activity levels in Platform Drilling and Land Drilling.

Looking ahead, the company said: “The outlook for oil services has improved over the last years, and we are seeing sustained improvements within most of our divisions, although we continue to experience uncertainty and volatility in Latin America operations and markets.”

Offshore Energy Today Staff


Spotted a typo? Have something more to add to the story? Maybe a nice photo? Contact our editorial team via email.

Also, if you’re interested in showcasing your company, product or technology on Offshore Energy Today, please contact us via our advertising form where you can also see our media kit.

Share this article

Follow Offshore Energy Today

Posted on August 8, 2019 with tags .

Events>

<< Nov 2019 >>
MTWTFSS
28 29 30 31 1 2 3
4 5 6 7 8 9 10
11 12 13 14 15 16 17
18 19 20 21 22 23 24
25 26 27 28 29 30 1

Oil & Gas Vietnam 2019

Oil & Gas Vietnam (OGAV) 2019 is the only specialized oil & gas event in Vietnam that brings together an international congregation of both upstream and downstream oil and gas companies and also its supporting industries gathered in the heart of Vietnam’s oil and gas industry in Vung Tau, to showcase the latest developments in the oil and gas industry.

read more >

Jobs>

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply