Archer (ARHVF) has released an update.
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Archer has increased its stake in Iceland Drilling to 60% by acquiring an additional 10% for USD 2.5 million paid in shares, signaling a strategic expansion into the renewable geothermal drilling market. The acquisition is set to enhance Archer’s financials, contributing to a projected 4% increase in revenue and a 6-7% rise in EBITDA for the year 2024, while also improving cash flow and reducing leverage. The consolidation of Iceland Drilling into Archer’s accounts is anticipated to close within two months, marking a significant step in Archer’s growth in the renewable energy segment.
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