Global Markets: “Market Activity Will Increase in 2018” – Oil Services CEO

Archer seadrill-rids-itself-of-archer-guaranteesMarket activity will increase in 2018, according to John Lechner, chief executive officer of oil services company Archer.

“On the back of a higher oil price relative to a year ago, we believe that market activity will increase in 2018, albeit at different levels within the segments where Archer operates,” Lechner said in a company statement.

“Overall, we are aiming for both higher revenue and 1-2 percent increase in EBITDA margin relative to 2017,” he added.

Archer reported revenues of $223.7 million in the fourth quarter of 2017, which was five percent higher than the previous quarter, along with EBITDA of $16.5 million before exceptional items.

“Throughout 2017, Archer had a dedicated focus on cash generation,” Lechner stated.

“In the fourth quarter, we delivered strong cash flow through effective operations and improvement in our working capital,” he added.

This site uses Akismet to reduce spam. Learn how your comment data is processed.

%d bloggers like this: