The non-cash impairment of $423.7 million on goodwill and assets dragged the Oslo-listed player’s net loss down to $431.7 million from a negative $41.7 million a year ago, despite a 3% year-on-year rise in revenue to $524.1 million.
The writedown is largely due to lower utilisation rates for the company's equipment because of overcapacity in the North America land drilling market.
Archer’s
