Archer today said it was starting to see higher levels of activity, but still plans to cut more jobs in the third quarter of this year.
The firm reported its second quarter earnings today, recording a revenue of $218.8million.
A company statement read: “As global commodity prices remained under pressure and the price for oil hit a 12 year low in February 2016, many of our customers decided to further reduce their spending levels for the year 2016. However, in line with what our well services competitors have announced, we are starting to see signs of higher activity levels and expect activity to improve towards the end of the year.”
Despite the renewed optimism it expects third quarter results to dip on the back “platform shutdowns and summer vacation in some of the markets we operate in”.
It also plans to cut more jobs.
“In line with reduction in activity level in second half of 2016, we plan to reduce the headcount further in the third quarter,” the statement added.
Archer plans to keep spending levels for the year between $6million and $10million.
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