Key Developments: Archer Ltd (ARCHER.OL)

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Latest Key Developments (Source: Significant Developments)

Archer Ltd eases loan conditions, backed by Seadrill
Wednesday, 23 Dec 2015 03:24am EST 

Archer Ltd:Archer limited announces amendments to its credit facilities to give sufficient financial flexibility into 2017.A replacement of the existing leverage ratio covenant with a 12 months rolling minimum EBITDA of USD 30 million for the financial quarters up to and including Q2 2016 and USD 45 million thereafter up to and including Q1 2017.A replacement of the existing equity ratio covenant, with a minimum equity of USD 100 million for the financial quarters up to and including Q1 2017.A consent from the lenders to the contribution of the Well Services Entities to Quintana Energy Services, as described in the announcement on November 23, 2015.An immediate non-cash cancellation of the total commitment under the multicurrency revolving facility agreement (MRCFA) from USD 750 million to USD 687.5 million.An immediate non-cash cancellation of the commitments under each of its overdraft facilities from USD 50 million to USD 45.83 million.A further repayment and cancellation of the commitment under the MRCFA from USD 687.5 million to USD 625 million and a further reduction of the overdraft facilities from USD 45.83 million to USD 41.67 million by April 30, 2016.Main owner Seadrill Limited has agreed to provide new financing to Archer in an aggregate amount of up to USD 75 million in the event that Archer will not have sufficient funds for the above mentioned repayment and cancellation of the commitments under the facilities by April 30, 2016.  Full Article

Archer combines its North American Well Services entities with Quintana Energy Services
Monday, 23 Nov 2015 12:56am EST 

Archer Ltd:Says its subsidiary, Archer Well Company Inc., has entered into contribution agreement with Quintana Energy Services LP (QES) to contribute its Well Services Entities on a cash free debt free basis.Aggregate consideration to be paid by QES in exchange for contribution of the Well Services Entities will consist of QES Common Units and will constitute 42 pct of the total Common Units in QES pursuant to closing of the transaction on a fully diluted basis.Transaction has been approved by the Boards of Directors for both parties.Transaction is subject to customary closing conditions including regulatory approvals and bank consents and is expected to close by year end 2015.Following the close of this transaction, Archer's interest in the combined company will be reported as a minority equity interest.The combined company will be led by Rogers Herndon, CEO of QES, Chris Baker, COO of QES and Keefer Lehner, VP of Finance and Corporate Development of QES.The combined company will elect a new Board of Directors pursuant to the closing of the transaction.Archer to name 2 out of a total of 5 directors, with David King, Archer Limited CEO, assuming the position of Chairman of the new board.QES will designate Houston as its corporate headquarter.  Full Article

Archer wins contract from Talisman Sinopec for platform drilling services
Wednesday, 14 Oct 2015 07:36am EDT 

Archer Ltd:Says Talisman Sinopec awards Archer contract for platform drilling services.It's a three-year contract with two times two-year extension options, for the provision of platform drilling services for Talisman Sinopec Energy UK Limited.Contract, which is scheduled to commence on Nov 1, will see Archer provide onshore rig operations, maintenance and QHSE management, and offshore operations and maintenance supervision on the Claymore, Clyde, Fulmar, Piper B, Saltire and Tartan platforms.  Full Article

Archer to reduce workforce by another 300 employees
Friday, 31 Jul 2015 02:40am EDT 

Archer Ltd:Says to reduce workforce by another 300 employees.  Full Article

Archer Ltd cuts guidance for Q2 2015
Thursday, 11 Jun 2015 02:29am EDT 

Archer Ltd:Sees Q2 2015 North America revenues down 35 percent versus Q1.  Full Article

Archer Ltd to cut another 300-400 jobs
Monday, 4 May 2015 12:00am EDT 

Archer Ltd:Says has decided to make a further reduction in workforce of 300 to 400 employees, leading to a total reduction of about 17 pct compared to the headcount at the end of December 2014.  Full Article

Archer Ltd agrees on amendments to credit facilities
Monday, 20 Apr 2015 02:41am EDT 

Archer Ltd:Agreed to certain amendments to credit facilities, including an increase in net interest bearing debt to 12 months rolling EBITDA covenant as well as adjustments to calculation of equity ratio.Expects to be compliant with all covenants under loan agreement in foreseeable future despite the severe challenges the industry is facing.  Full Article

Archer Ltd will cut about 1,000 jobs
Monday, 23 Feb 2015 12:30am EST 

Archer Ltd:Ecided to reduce employee headcount by about 1,000 positions or 11 percent of total workforce.  Full Article

Talisman Sinopec Energy suspends Archer rig earlier than scheduled
Monday, 5 Jan 2015 03:30pm EST 

Archer Ltd:Says has received a thirty-day notice of early termination from Talisman Sinopec Energy UK Limited of its modular rig contract for the Archer Emeral.The effective date of termination is expected as the 29 of January 2015.The original two-year contract was valued at around $96 mln and was scheduled to commence during the first quarter of 2016.The early termination fee due to Archer under the contract will range between $34 mln and $43 mln.  Full Article

Archer Ltd announces contract extension for platform drilling contract
Wednesday, 30 Jul 2014 05:00am EDT 

Archer Ltd:Announces that ConocoPhillips has exercised an option to extend its contract with Archer AS for the provision of Platform Drilling services for the Greater Ekofisk Area.Says original contract was signed in early 2010 and previously would have expired June 2015.The contract extension will commence immediately thereafter for five years with a new expiration date of June 30, 2020.  Full Article

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