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
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