Oil Services CEO: Market Activity Will Increase in 2018
Market activity will increase in 2018, according to John Lechner, chief executive officer of oil services company Archer.
“On the back of a higher oil price relative to a year ago, we believe that market activity will increase in 2018, albeit at different levels within the segments where Archer operates,” Lechner said in a company statement.
“Overall, we are aiming for both higher revenue and 1-2 percent increase in EBITDA margin relative to 2017,” he added.
Archer reported revenues of $223.7 million in the fourth quarter of 2017, which was 5 percent higher than the previous quarter, along with EBITDA of $16.5 million before exceptional items.
“Throughout 2017, Archer had a dedicated focus on cash generation,” Lechner stated.
“In the fourth quarter, we delivered strong cash flow through effective operations and improvement in our working capital,” he added.
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