Global oil service firm Archer has today announced increased revenues of almost £177 million for the second quarter of 2018.
The increase has been reflected in a £4.7m increase relative the the first quarter of this year.
Archer said it had noted an increase in “all segments” relative to the first quarter, while pointing to the four additional Equinor platforms due to commence in the fourth quarter of 2018.
John Lechner, Archer CEO , said: “I’m pleased to see that the recovery is starting to build in most of our operating areas. We continue to see growing activity offshore Norway, as well as increased activity in Asia Pacific. This resulted in a revenue increase of $6 million relative to the first quarter of 2018.
“We remain on track in our preparations to mobilize to the four additional platforms awarded by Equinor, which we will begin operating at the beginning of the fourth quarter. The addition of these platform crews, along with increased personnel coming on board to support growing activity across our other Eastern Hemisphere divisions, will see our Norwegian headcount increase by about 30% to 2,000 by year end.
“Our efforts to improve our financial performance in the South of Argentina have so far not yielded the results we have planned for and were also negatively impacted in the second quarter by the winter season.
“We are still in discussions with our unions to reduce our headcount as planned and we still have too many employees for our activity level. However, with a new management team now in place, a lower cost base, and improved incentive terms, I am confident we will see improved financial results during second part of the year.
“I also want to thank our management and field organization for their consistent and effective QHSE focus, which resulted in our Total Recordable Incident Frequency (TRIF) dipping to 0.41 as at the end of Q2, an all-time low for Archer as a company.”
