Archer tightens 3Q net loss

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

Share this article

Follow Offshore Energy Today

Posted on October 31, 2017 with tags , .

Events>

<< Jan 2020 >>
MTWTFSS
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 31 1 2

Africa Oil Week 2020

For over 25 years Africa Oil Week has been the meeting place for Africa’s most senior E&P stakeholders.

read more >

CERAWeek 2020

 Each year, CERA clients gathered for a few days in Houston…

read more >

Offshore Technology Conference (OTC) 2020

The Offshore Technology Conference (OTC) showcases leading-edge technology for offshore drilling, exploration…

read more >

2020 EXPLORATION AND PRODUCTION STANDARDS CONFERENCE ON OILFIELD EQUIPMENT AND MATERIALS

The development of consensus standards is one of API’s oldest and most successful programs.

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