Bosses at Archer hailed 2018 as a year of growth for the energy services firm.
Revenues increased by 5% to £670 million last year, and the company recorded full-year operating income of £11.6m, compared to a deficit of £8m in 2017.
But the company recorded pre-tax losses from continuing operations of £31m, against a surplus of £40m in 2017.
In October, Archer started work under a new contract with Equinor for the provision of platform drilling services.
The firm mobilised 400 employees for the four additional active platforms awarded: Gullfaks A, B and C as well as Grane.
But two UK platforms wound down during Q4 2018 and will provide “minimal revenue going forward” until permanently de-commissioned.
Archer’s land drilling business improved its operating performance in the fourth quarter.
And Q4 well services revenue was up 38%, which Archer put down to “new product developments, advanced technologies and broader service offerings, combined with improved market conditions”.
John Lechner, CEO Archer, said: “Overall, 2018 has been a year of growth for Archer, and we ended the year with strong financial performance.”
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