Operator

Hello, everyone. Thank you for attending today's Archer First Quarter 2026 Earnings Release Call. My name is Ken, and I'll be your moderator today. [Operator Instructions] I would now like to pass the call over to Dag Skindlo, the CEO of Archer to begin. Please go ahead.

Dag Skindlo
Chief Executive Officer

Thank you, Kenneth. Good morning, and thank you for joining Archer's First Quarter 2026 Results Presentation. I am Dag Skindlo, CEO of Archer, and I'm joined today by our CFO, Espen Joranger. We will start with Q1 highlights and key developments, then provide an update across our business areas and finally, cover our guidance and capital allocation priorities before opening the line for Q&A. With that, let's move to Slide 2. As a reminder, today's discussion includes forward-looking statements and certain non-GAAP and IFRS measures historically. These statements involve risks and uncertainties, and actual results may differ materially. Please refer to the presentation and our disclosures for additional information.

Let's move to Slide 3. Before we get into the quarter, a quick reminder of who we are. Archer is a global oil service company with more than 50 years of operating history. In 2025, we delivered around $1.2 billion of revenue and generated EBITDA of approximately $167 million. Our year-end 2025 backlog of about $4 billion includes [ options ], provides strong visibility across our core markets. We operate across 4 business areas: platform operation, well Services, land drilling and renewable services with roughly 3,500 people across 40 locations. With that context, let's move to Slide 4 for the key Q1 takeaways. Q1, traditionally a slow seasonal quarter was another solid quarter with good underlying activity and continued margin improvement across our core operations. Reported revenue was $278 million, down 7% year-on-year, reflecting the divestment