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An update from Archer ( (ARHVF) ) is now available.
Archer, a company involved in the energy sector, has announced the renewal of contracts with Pan American Energy for pulling and workover units in southern Argentina, securing an estimated backlog of $210 million. Despite this renewal, Archer is reducing its activity in the region, which will decrease its backlog by $125 million and result in an annualized revenue reduction of about 5%. However, the company anticipates minimal impact on cash flow due to cost reductions. The shift in Argentina’s energy focus towards the Vaca Muerta shale resources is expected to drive future drilling activity.
More about Archer
YTD Price Performance: -32.29%
Average Trading Volume: 1,127
Technical Sentiment Signal: Strong Buy
Current Market Cap: $185.7M
Learn more about ARHVF stock on TipRanks’ Stock Analysis page.