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financials and confirms quarterly cash distribution to shareholders, equal to an
annualized yield of 11%.
Archerâs CEO, Mr. Skindlo, comments:
âWe are pleased to deliver financial growth in a more challenging well service
market. We continue our strategic focus on late life and P&A operations while
being the preferred partner for our customers. We report strong cash conversion
from operations and are pleased to confirm cash distribution to shareholders in
line with our commitmentâ.
For the second quarter, we report revenue of $348.9 million and EBITDA of $38.0
million, representing a YOY-growth of 13% and 16% respectively. Adjusted EBITDA
was $41.7 million, representing a growth of 30% YOY.
Highlights from the Q2 financials:
¡ Revenue of $348.9 million, up 13% YOY
¡ EBITDA of $38.0 million, up 16% YOY
¡ Adjusted EBITDA of $41.7 million, up 30% YOY
¡ Quarterly cash distribution to shareholders of $5.5 million
¡ Awarded late-life operations and P&A contract by Repsol in the UK ($150m)
¡ Renewed pulling and workover contract with PAE in Argentina ($210m)
Subsequent events
¡ Acquired WellConnection Norway AS, an integrated âone-stop shopâ for
inspection, maintenance, and repair of drill pipes and related equipment.
¡ Second quarterly cash distribution to shareholders, totalling USD 5.5
million
Outlook and guidance:
We continue to develop and expand our services and technologies within the
growing P&A service market. We are currently preparing our first light P&A unit
to start operations in Norway for Equinor. We have also recently announced a
significant late life and P&A project for Repsol in the UK and a major subsea
P&A contract for Equinor in Norway, both of which will commence operations in
the first half of 2026.
Our main clients in Argentina are prioritizing capital allocation towards oil
and gas export infrastructure in Vaca Muerta and have temporarily slowed down
drilling and completion activity. We now expect land drilling revenue and EBITDA
to be lower than prior guidance, by about $100 million and $10-12 million,
respectively. Nonetheless, we expect the net impact on cash flow to be
positive, as we reduce maintenance capex, improve working capital, and sell
excess equipment. Going forward, we expect activity level in the south to remain
muted but expect drilling activity in Vaca Muerta to rebound in 2026.
The reestablished 2025 financial guidance for Archer is a revenue growth of 2-4%
and an EBITDA growth of 8-15% compared to 2024. Capex is estimated to be roughly
4% of revenue, which includes approximately $10 million of growth investment in
lighter P&A units. Adjusted EBITDA, reflecting restructuring costs to align cost
structure to current activity, is in line with previous EBITDA guidance of $155
-170 million. The reestablished guidance does not impact our dividend capacity.
Conference call Thursday August 14[th] at 9:00 CEST
Archer will host a conference call at 9:00 am CEST on August 14[th], 2025. To
follow the presentation, the following options are available:
A. Webcast
To register for the webcast please go to
Events Platform - Q4
B. Conference call
To access the call, which is open to the public, please dial in at the
participant telephone numbers listed below. Please call in 10 minutes prior to
the scheduled start time and ask for the âArcher Second Quarter 2025 Earnings
Release Callâ.
Participants dial-in:
¡ United Kingdom +44 20 3936 2999
¡ United States +1 646 233 4753
¡ Germany +49 32 221098334
¡ All other locations: +44 20 3936 2999
Access code: 938541
The operator will ask for your name and company. Following the presentation
there will be a Q&A session. Information on how to ask questions will be given
at the beginning of the Q&A session.
For further information, please contact:
Espen Joranger, Chief Financial Officer, Mobile: +47 982 06 812, Email:
espen.joranger@archerwell.com
Joachim Houeland, Manager Treasury and Investor Relations, Mobile: +47 482 78
748, Email: joachim.houeland@archerwell.com
This information is subject to the disclosure requirements according to Section
5-12 of the Norwegian Securities Trading Act.
Kilde
