Energy Voice | UK activity ‘low’ for Archer as it reports small profit

Energy services firm Archer has said UK activity remains low as it posted a small profit for the third quarter of the year.

The company’s pre-tax income was £998,000, up from a loss of £16.9m in the previous quarter and a loss of £6.9m in the same period last year.

Archer, which has a base in Blackburn near Aberdeen, said engineering activity in the UK was “at a low”, but reported steady growth in Norway.

Last month the firm started up a contract with Equinor on four new active rigs, while two UK platforms will be permanently abandoned in Q4 of this year.

Archer said its improved performance generally came as a result of an improved market in the Eastern Hemisphere as well as Argentina.

Total revenues were £164m, a slight increase from nearly £163m in Q3 of 2017.

CEO John Lechner said: “Growth in our other businesses in Eastern Hemisphere leveled out in the third quarter, but with the increased contracted platform drilling activity, scheduled well services projects and underlying forecasted growth in E&P spend, I am confident we will see sustained incremental growth in the coming quarters.”

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