Key Developments: Archer Ltd (ARCHER.OL)

ARCHER.OL on Oslo Stock Exchange

6.20NOK
21 Nov 2014
Price Change (% chg)

kr0.21 (+3.49%)
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Latest Key Developments (Source: Significant Developments)

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

Archer Ltd announces contract extension with Statoil Brasil Oleo e Gas Ltda
Friday, 25 Jul 2014 02:40am EDT 

Archer Ltd:Announces that Statoil Brasil Oleo e Gas Ltda., has exercised the first of two options to extend its contract with he company for the provision of Platform Drilling Management Services on their Peregrino Field Development.Says the original contract was for a fixed four year term commencing third quarter 2009.The contract extension will commence Sept. 1, for three years through Aug. 31, 2017.  Full Article

Archer secures modular rig contract in UK worth $96 mln
Wednesday, 5 Mar 2014 08:59am EST 

Archer Ltd:Secures contract for the provision of drilling services with Talisman Sinopec Energy UK Limited.The initial two-year contract value is about $96 million.Mobilization is scheduled to commence during Q1 2016 following a period of rig interface modification.Says this will be the first operation using the Archer Emerald modular rig on the United Kingdom continental shelf.  Full Article

Archer Ltd secures drilling contract with YPF in Argentina
Tuesday, 4 Feb 2014 02:44am EST 

Archer Ltd:Says that the Argentinean branch of its wholly owned subsidiary DLS Argentina Limited has signed an agreement with YPF SA for the provision of five new built drilling rigs to support YPF's development of unconventional shale resources in the Neuquen area in Argentina.Says the agreed contract period is for an initial period of five years, valued at a total of about $400 million, plus three optional years.Says the company is in discussions with various lenders, to establish a financing structure based on this project.  Full Article

Archer Ltd's Subsidiary Sells North American Underbalanced Services Division to Atlas Copco AB
Thursday, 17 Oct 2013 02:45am EDT 

Archer Ltd announced that one of its subsidiary companies has sold its North American Underbalanced services division to Atlas Copco AB. The all-cash asset sale transaction is completed. Approximately 70 former Archer Underbalanced employees have joined Atlas Copco. As of year-end 2012 Archer's North American Underbalanced services division generated USD 34 million in revenue.  Full Article

Archer Ltd Issues Q3 2013 Financial Guidance
Friday, 30 Aug 2013 02:29am EDT 

Archer Ltd announced that it expects to report revenue and EBITDA for the third quarter of fiscal year 2013 to return to more normalized levels as operations in the field resume and a shut down for maintenance in the second quarter in Norway has completed.  Full Article

Archer Ltd Appoints David King As CEO And Elects New Chairman
Monday, 15 Jul 2013 02:30am EDT 

Archer Ltd announced that Saad Bargach, Chairman of the Company, has decided to step down from his position but will remain a Director of the Company. The Board has elected John Reynolds as new Chairman. Archer's Board of directors is also announced the appointment of David King as Chief Executive Officer (CEO).  Full Article

Archer Ltd Completes Divestiture Of North American Rental And Tubular Division
Friday, 28 Jun 2013 02:44am EDT 

Archer Ltd announced that with refer to the press release dated May 22, 2013, which announced the agreement to sell the North American Rental and Tubular division. Archer and Clearlake Capital completed the previously announced transaction on June 27, 2013. The agreed upon all-cash transaction price was $244 million. The net proceeds exclusive of working capital adjustments, fees and funds in escrow are approximately $229 million. Archer will use the net proceeds to pay down outstanding balances on its credit facilities.  Full Article

Archer Ltd Announces Divestiture Of North American Rental And Tubular Division To Clearlake Capital Group
Wednesday, 22 May 2013 01:59am EDT 

Archer Ltd announced that the Company has agreed to sell North American Rental and Tubular division to an affiliate of Clearlake Capital Group, L.P. for approximately $244 million. The all-cash transaction is expected to close in June 2013. Archer will use the majority of the proceeds from the sale to pay down outstanding balances on credit facilities. Simmons & Company International served as exclusive financial advisor and Andrews Kurth LLP served as legal advisor to Archer in this transaction. Jefferies LLC served as financial advisor and Vinson & Elkins LLP served as legal advisor to Clearlake in this transaction.  Full Article

Archer Ltd Issues Q1 2013 Financial Guidance with EBITDA Outlook in Line with Analysts' Estimates
Thursday, 28 Feb 2013 02:03pm EST 

Archer Ltd announced that the Company expects its Q1 2013 revenue to be down. Apart from this, compared to Q4 2012 EBITDA of USD 29.5 million, the Company prognoses an increased EBITDA in Q1 2013, although margins in North America remain depressed with continued pressure on pricing. According to I/B/E/S Estimates, analysts on average are expecting the Company to report EBITDA of USD 58.50 million for Q1 2013.  Full Article

EU mergers and takeovers (Aug 28)

BRUSSELS, Aug 28 - The following are mergers under review by the European Commission and a brief guide to the EU merger process:

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