Minus result despite better operations for Archer

The John Fredriksen-dominated oil service company Archer improved its results in the first quarter, compared to the corresponding quarter last year.

In the first quarter of the year, the company had revenues of 308 million dollars, up 16 percent from the first quarter last year.

Operating profit before depreciation and write-downs (adjusted EBITDA) was 33 million dollars, up 20 per cent on the past year.

However, the company had to post a negative result in the quarter. Before tax, Archer had a result of -9 million dollars, which is nevertheless an improvement from the corresponding quarter last year when the result was -16 million.

CEO Dag Skindlo is very satisfied with the quarter.

– We have done well across all segments, with solid revenue growth internationally. Increased activity and income resulted in EBITDA growth of 23 per cent compared to the corresponding quarter last year, says Skindlo in the quarterly report.

Archer had an order intake of over $1 billion in the quarter. This contributed to the order book growing by 80 percent – ​​from 1.5 billion to 2.5 billion dollars.

The growth in orders gives “strong visibility of revenues in 2024”, the company writes in the quarterly report, and believes that the market outlook is good.

Last quarter, Archer came up with a new guidance for 2024. This is maintained, which means that the company still envisages an EBITDA growth of 15-20 percent this year, and that the debt ratio should fall to between 2.4 and 2.7 at the end of the year.

In the first quarter of the year, the debt ratio fell from 2.9 to 2.8.