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Archer Ltd (ARCHER.OL)

ARCHER.OL on Oslo Stock Exchange

26 Sep 2016
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Latest Key Developments (Source: Significant Developments)

Archer Q2 EBITDA ex. items down at $17.4 mln Q/Q
Friday, 29 Jul 2016 02:44am EDT 

Archer Ltd : Q2 revenue $218.8 million compared to $320.8 million year ago and $229.2 million in Q1 2015 . Q2 EBITDA before restructuring costs was $17.4 million versus $26.4 million in Q1 . Q2 EBITDA after restructuring and one-time cost was a loss of $1.6 million . As global commodity prices remained under pressure, many of its customers decided to further reduce their spending levels for 2016 . Starting to see signs of higher activity levels and expect activity to improve towards the end of the year .Expects Q3 2016 revenue to be lower than Q2 following continued reduction in drilling activities.  Full Article

Oil service firm Archer appoints John Lechner as new CEO
Friday, 29 Apr 2016 02:00am EDT 

Archer Ltd:Archer's board of directors appoints John Lechner as CEO and Dag Skindlo as director.Mr. Lechner has more than 30 years of experience in international oilfield services and replaces David King, who has been Archer's CEO since July 2013.  Full Article

Archer appoints Dag Skindlo as new CFO
Tuesday, 19 Apr 2016 02:20am EDT 

Archer Ltd:Announces appointment of Dag Skindlo as company's new chief financial officer and executive vice president strategy, effective May 1, 2016.Skindlo comes from his role as CEO for Aquamarine Subsea, a HitecVision owned company.Says Christoph Bausch has decided to leave company in order to pursue other interests.Says Bausch had been the Executive Vice President and CFO in Archer since May 2011.  Full Article

Archer wins five-year ConocoPhillips contract in Norway
Friday, 8 Apr 2016 06:30am EDT 

Archer Ltd:Says ConocoPhillips awarded Archer contract for mechanical wireline services on the Norwegian continental shelf until 2021.Says contract was awarded to Archer following a competitive tender process for ConocoPhillips' well intervention services in Norway.  Full Article

Archer awarded two-year contract extension by Statoil
Thursday, 31 Mar 2016 02:06am EDT 

Archer Ltd:Announces a two-year extension of its contract for platform drilling services.Says Statoil has exercised the first option following the original four-year contract, with two additional two-year extension options remaining.Says Archer is currently the incumbent contractor for the Statfjord A, B and C platforms.Has been additionally awarded the Njord, Sleipner A, Snorre A and B, and Visund platforms under this extension.The extension will commence on Oct. 1 which is a direct continuation of the current contracts.  Full Article

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