Hamilton, Bermuda (May 19, 2026)
Archer Limited (“Archer”) reports another strong quarter and confirms quarterly cash distribution to shareholders, corresponding to an annualized yield of roughly 9%. For Q1, we report revenue of $278.4 million and adjusted EBITDA of $41.1 million, representing a YOY-growth of 15% and 18% respectively, when excluding the divested workover business in Argentina from 2025 financials.
Archer’s CEO, Mr. Skindlo comments:
“We are pleased to deliver another quarter of organic growth, driven in particular by increased activity within P&A solutions in the Norwegian market. During the quarter, Archer secured several contract awards, including both new scope and exercised options, supporting our current backlog of $3.4 billion and providing strong earnings visibility going forward.
Our cash flow generation in the quarter was below our expectations as we frontloaded certain growth investments and we saw delay in approval of variation orders related to project changes and challenges within our offshore wind business.
As the industry navigates the impacts arising from the current Middle East conflict, the importance of reliable energy security longer-term has again been highlighted. Archer is strategically and attractively positioned in brownfield production and late life activities in our core markets outside of the current conflict zone”.
Highlights from the Q1 trading update:
- Q1 revenue of $278 million, down 7% YoY (up 15% excluding divested workover business)
- Q1 EBITDA of $37.2 million, in line with same quarter last year (up 12% when excluding divested workover business)
- EBITDA margin of 13.4%, up from 12.5% same quarter last year
- Distribution to shareholders of $6.4 million in Q1 (NOK 0.62/share)
- Closed transaction to sell workover business in south of Argentina
- Awarded two integrated P&A contracts with Equinor, and a 3-year contract extension for wireline services with ConocoPhillips Norway
Subsequent events
- Two contract extensions with Equinor for wireline intervention services and oiltools
- Awarded integrated geothermal drilling contract in Nevis
- Approved $6.6m distribution to be paid to shareholders in Q2 (NOK 0.62/share)
Archer reiterates the financial guidance for the full year 2026, with single digit growth in EBITDA over 2025. We see a moderate shift in timing with a stronger first half of 2026 and slightly less growth into second half due to delayed start-up of some awarded projects, mainly in the UK.
Conference call Tuesday May 19th at 09:00 CEST
Archer will host a conference call at 09:00 am CEST on May 19th, 2025. To follow the presentation, the following options are available:
A. Webcast
To register for the webcast please go to https://events.q4inc.com/attendee/721879711
B. Conference call
To access the call, which is open to the public, please dial in at the participant telephone numbers listed below. Please call in 10 minutes prior to the scheduled start time and ask for the “Archer Q1 2026 Earning Release Presentation.”
Participants dial-in:
United Kingdom +44 20 3936 2999
United States +1 646 233 4753
Germany +49 32 221098334
All other locations: +44 808 189 0158
Access code: 559685
The operator will ask for your name and company. Following the presentation there will be a Q&A session. Information on how to ask questions will be given at the beginning of the Q&A session.
For further information, please contact:
Espen Joranger, Chief Financial Officer, Mobile: +47 982 06 812, Email: espen.joranger@archerwell.com
Joachim Houeland, Manager Treasury and Investor Relations, Mobile: +47 482 78 748, Email: joachim.houeland@archerwell.com
This information is subject to the disclosure requirements according to Section 5-12 of the Norwegian Securities Trading Act.