Archer Reports Best Quarterly Operating Result in 3 Years

The Oil Services Company Archer Returned to Profit and Saw a Slight Increase in Revenue During the Third Quarter of This Year Compared to the Same Period Last Year

On Friday, Archer reported revenue of US $ 213.7 million in the third quarter of 2018, compared to US $ 212.3 million in the same period of the previous year. The company’s net profit in Q3 2018 was US $ 6.9 million, compared to a net loss of US $ 6.8 million in the same period last year. According to the company, this was the best quarterly operating result in three years. John Lechner, CEO of Archer, commented: “Archer is pleased to deliver the strongest quarterly EBITDA margin reported since the third quarter of 2015.”

Lechner also said: “On October 1, we successfully onboarded approximately 400 new employees as we mobilized for four additional Equinor platforms, as awarded in the second quarter. Our onshore and offshore teams have been working tirelessly to ensure a safe and effective start and transition across all platforms, and we anticipate a more modest growth in employee numbers in the future as we increase demand for our services in the market.

“Growth in our other businesses in the Eastern Hemisphere stabilized in the third quarter, but with increased drilling activity on contracted platforms, well-scheduled service projects, and an underlying growth forecast in E & P spending, I am confident that we will see sustained incremental growth in the coming quarters.

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