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Archer Ltd (ARCHER.OL)

ARCHER.OL on Oslo Stock Exchange

12.00NOK
26 May 2017
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Latest Key Developments (Source: Significant Developments)

Archer wins $0.7 bln contract for drilling services in Argentina
Wednesday, 10 May 2017 02:24am EDT 

May 10 (Reuters) - Archer Ltd :Says panamerican energy will award archer subsidiary dls a four year contract for drilling services in southern argentina with an estimated contract value of 6 billion Norwegian crowns ($690.93 million).The new contract, in process of final panamerican board approval, will commence immediately and will cover a period of four years until may 2021, and it also includes a two-year extension option.The contract covers all existing drilling and service rig activity, at present comprising 7 drilling rigs, 11 workover rigs, and 11 pulling units with annual revenues in excess of usd 175 million.As part of the new contract, dls will continue a fleet modernization program including leasing four high spec super single drilling rigs and purchasing new pulling units.  Full Article

Archer updates outlook, sees increased activity in H2 2017
Wednesday, 10 May 2017 02:08am EDT 

May 10 (Reuters) - Archer Ltd provided the following update on its financial outlook on Wednesday: :EBITDA margin: Management target of above 11% through the next cycle .Capex: Sustainable at 3-4% of revenues as the growth capex program in drilling assets is finalized .Continued balance sheet de-leveraging: Break-even cash flow at an annual EBITDA of USD 55 million, in addition to selective non-core divestments .2017 activity: Second quarter 2017 in line with the first quarter 2017, with increased activity in the second half of 2017.Says the company is well positioned in the segments of the oil services industry that are expected to be among the first to recover, including its substantial exposure to a high-growth US onshore market.Says global offshore operators are still cautious and measured in their spending.  Full Article

Archer Q1 EBITDA ahead of forecast
Thursday, 4 May 2017 02:30am EDT 

May 4 (Reuters) - Archer Ltd :Q1 revenues $201.6 million (Reuters poll $208 million).Q1 ebitda $17.3 million (Reuters poll $14.4 million).Q1 net result -$22.3 million (Reuters poll $0.2 million).Outlook for oil services remains uncertain, but archer and its subsidiaries are benefiting from substantial exposure to high growth us onshore market.Q2 activity is expected to be in line with q1 activity.Activity in second half of 2017 is estimated to improve over first half..Increased activity in eastern hemisphere is expected to offset anticipated reduction in active drilling units in argentina and bolivia..  Full Article

Seadrill in deal to end most financial guarantees to Archer
Wednesday, 26 Apr 2017 02:33am EDT 

April 26 (Reuters) - Seadrill Ltd :Has signed and closed an agreement with Archer and its lenders to extinguish approximately $253 million in financial guarantees provided by seadrill in exchange for a cash payment of approximately $25 million.Remains in constructive discussions with Archer and its lenders to extinguish remaining $25 million of financial guarantees in exchange for a cash payment representing 10% of their face value.As part of archer's restructuring plans company has also agreed to convert $146 million in subordinated loans provided to archer into a $45 million subordinated convertible loan.The subordinated convertible loan will bear interest of 5.5%, matures in December 2021 and have a conversion right into equity of Archer Limited in 2021 based on a strike price of US$2.083 per share, which is approximately 75% above the subscription price in Archer's private placement on February 28, 2017.  Full Article

Archer sold 6.2 mln shares out of 16.8 mln offering
Wednesday, 19 Apr 2017 03:31pm EDT 

April 19 (Reuters) - Archer Ltd :Announces preliminary result of the subsequent share offering.Preliminary results show that a total of 6,205,552 new shares were subscribed for in subsequent offering.Subsequent offering was for of up to 16,800,000 new shares.  Full Article

Archer says subsequent share offering commences April 3
Friday, 31 Mar 2017 07:32am EDT 

Archer Ltd : Application period in subsequent offering commences 3 april 2017 at 09:00 (cet), and expires on 19 april 2017 at 16:30 (cet) .Offer price per new share is nok 10.00, equal to subscription price per private placement share.  Full Article

Seadrill to hold 16 pct stake in Archer following share issue
Wednesday, 1 Mar 2017 04:59am EST 

Seadrill Ltd : Upon completion of private placement in Archer, Seadrill will own 23,105,324 shares, representing approximately 16 pct of issued shares and voting rights .In addition, Seadrill will be given the right to subscribe for new shares in a subsequent offering, with the number of such rights to be confirmed, as further described in a stock exchange notice from Archer today.  Full Article

Billionaire John Fredriksen's Hemen bough 12.6 mln Archer shares
Wednesday, 1 Mar 2017 02:02am EST 

Archer Ltd : Hemen Holding, a company indirectly controlled by trusts established by John Fredriksen for the benefit of his immediate family, has been allocated 12,600,000 shares in Archer's private placement . At same time, Hemen has sold 4,914,890 shares and entered into a TRS agreement with exposure to 4,914,890 shares in Archer . Upon completion of the private placement Hemen will own 12,119,675 shares in archer, representing approximately 8.53 pct of issued shares and voting rights. In addition Hemen holds a TRS agreement with an underlying exposure to 4,914,890 shares in Archer with expiration date 16 May 2017 and TRS price NOK 10.041 per share, and a TRS agreement with an underlying exposure to 2,395,300 shares in Archer with expiration date 6 March 2017 and TRS price NOK 7.038 per share .Archer raised $100 million in the share issue, the company said earlier on Wednesday [nFWN1GE02L].  Full Article

BRIEF-Archer says $100 mln share issue significantly oversubscribed
Wednesday, 1 Mar 2017 02:00am EST 

Archer Ltd : USD 100 million private placement successfully placed . says subscription price of NOK 10.00 per share . says private placement received strong interest from large international and nordic institutional investors and was significantly oversubscribed .says will carry out a subsequent offering of up to 16,800,000 new shares for gross proceeds of up to NOK 168 million ($20 million).  Full Article

BRIEF-Oil service firm Archer to issue new shares, restructure debt
Tuesday, 28 Feb 2017 11:10am EST 

Archer Ltd : Oslo-listed oil service firm says q4 revenues $221.4 million (Reuters poll $215 million) . Says its q4 underlying EBITDA $18.8 million (Reuters poll EBITDA $16 million) . Says underlying EBITDA excludes restructuring costs of $4.8 million . Says its net interest-bearing debt $795.9 million at end q4 versus $814.9 million at end q3 . Says expects first quarter 2017 to be somewhat lower than fourth quarter 2016, but expect that full 2017 to be largely in line with 2016 before restructuring . Says expects total spending for 2017 to be approximately 2-3 pct of revenue . Says announces a comprehensive refinancing, including an equity issue . Says says plans to rise usd 60-120 in a private placement of new shares for existing shareholders and potential new Norwegian and international investors . Says has received significant indications of interest from investors, including from Hemen Holding Ltd., to subscribe in private placement for an amount well exceeding minimum required transaction size of usd 60 million . Says has retained ABG Sundal Collier ASA, Arctic Securities AS, DNB Markets, Nordea Markets, and Skandinaviska Enskilda Banken AB (publ.) as Joint Bookrunners . Says company has secured agreement with lenders for a restructuring of usd 625 million revolving credit facility (RCF).  Full Article

More From Around the Web

BRIEF-Archer announces final result of subsequent offering

* In total 4.9 million shares have been allocated and will be issued Source text for Eikon: Further company coverage: