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Archer Ltd (ARCHER.OL)

ARCHER.OL on Oslo Stock Exchange

8.98NOK
22 Nov 2017
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Latest Key Developments (Source: Significant Developments)

Archer posts smaller than expected net loss in Q3
Tuesday, 31 Oct 2017 02:00am EDT 

Oct 31 (Reuters) - Archer Ltd :q3 revenues $‍212.3​ million (Reuters poll $215 million).q3 ebitda $‍​12.8 million (Reuters poll $18.3 million).q3 net result $-4.8‍​ million (Reuters poll $-8.3 million).‍q3 ebitda of $17.8 million before exceptional items​.‍outlook for oilfield services remains uncertain, but archer is benefiting from exposure to differing geographies and early cycle segments​.‍a stable oil price at current levels will support activity growth into 2018​.‍we remain committed to de-leveraging and strengthening our balance sheet through strict capital discipline and focus on efficient operations​.‍we lost slight momentum in us during quarter as a result of hurricane harvey, but we have now recovered and are confident of continued growth going forward​.Performance of us land is expected to increase in the quarters to come.Strong liquidity position with $125 million in available liquidity‍​.Offshore drilling and exploration activity remains muted ‍​.  Full Article

Repsol Norge awards Archer additional contracts
Wednesday, 13 Sep 2017 12:49am EDT 

Sept 13 (Reuters) - Archer Ltd :Reg-Archer limited: repsol norge awards archer additional contracts for p&a and related services.Reference is made to the press release on August 9, 2017 regarding the award of a four year contract for P&A rig operations by Archer for Repsol Norge AS.Archer is now pleased to announce that Repsol also has awarded Archer Wireline and Archer Oiltools four year frame agreement contracts for additional P&A services for Repsol Norge AS.The contract scope for Archer Wireline includes mechanical wireline services as well as pipe recovery and other electric-line logging services.For Archer Oiltools the contract scope includes barrier testing, establishing rock-to-rock barriers and permanent downhole mechanical isolation.  Full Article

Archer says QES has filed for IPO
Thursday, 10 Aug 2017 01:30am EDT 

Aug 10 (Reuters) - ARCHER LTD :SAYS QUINTANA ENERGY SERVICES, IN WHICH ARCHER HAS ABOUT 36 PERCENT, HAS FILED FOR AN INITIAL PUBLIC OFFERING WITH THE U.S. SECURITIES AND EXCHANGE COMMISSION .SAYS QUINTANA HAS APPLIED TO LIST ITS COMMON STOCK ON THE NEW YORK STOCK EXCHANGE.  Full Article

Repsol awards Archer a four-year contract in Norway
Wednesday, 9 Aug 2017 10:00am EDT 

Aug 9 (Reuters) - ARCHER LTD :SAYS REPSOL NORGE AWARDS ARCHER A FOUR-YEAR CONTRACT FOR THE PROVISION OF P&A RIG OPERATIONS ON THE NORWEGIAN CONTINENTAL SHELF.SAYS THE CONTRACT SCOPE INCLUDES PERMANENT PLUGGING AND ABANDONMENT OF THE WELLS ON THE GYDA PLATFORM OPERATED BY REPSOL NORGE .SAYS THREE ADDITIONAL TWO-YEAR EXTENSION OPTIONS ARE AVAILABLE IN ADDITION TO THE FIRM CONTRACT TERM .THE CONTRACT SCOPE INCLUDES DRILLING AND MAINTENANCE SERVICES, ENGINEERING AND DOWNHOLE TOOL RENTAL SERVICES.SAYS ARCHER'S PROVIDES DRILLING OPERATIONS AND MAINTENANCE SERVICES ON FORTY-TWO PLATFORMS IN THE NORTH SEA, TWO IN BRAZIL AND ONE TENDER-ASSIST BARGE RIG IN GREECE .  Full Article

Archer Q2 net result surge due to refinancing, sees EBITDA improvement in 2h
Friday, 28 Jul 2017 02:00am EDT 

July 28 (Reuters) - Oil services firm Archer Ltd ::Archer q2 revenues $209.2 million (Reuters poll $205 million) vs $218.8 mln in q2 2016.Archer q2 ebitda before restructuring $15.7 million (Reuters poll $15 million) vs $17.4 mln in q2 2016.Restructuring cost items for the second quarter was $2.8 million, an increase of $1.2 million, mainly related to redundant and idle employees in Argentina.Net income of $112.9 million, including net financial gain of $121.1 million from refinancing (RTRS poll $-11.3 mln) vs .loss of $45 mln in Q2 2016.Secured contract with pan american energy for land drilling totalling $700 million in Q2.Has added some $800 million to our contract backlog in Q2.For our US businesses, we continued to see improvements in q2 of 2017 and expect this to continue for second half of 2017 as long as oil price stabilizes.We have available liquidity of around nok 1billion, which is more than sufficient for our operations in current market environment.Archer ltd: second half 2017 revenue and ebitda expected to improve over first half.Offshore drilling and exploration activity remains low, as rebound from oil companies reserve decline still to be seen.US land business – AWC and our interest in QES – is expected to continue to grow in line with the US rig count and related fracking intensity .  Full Article

Archer refinancing plan wins Bermuda court backing
Friday, 16 Jun 2017 10:08am EDT 

June 16 (Reuters) - Archer Ltd :Says pleased to announce that the scheme of arrangement in connection with debt refinancing of company was sanctioned by supreme court of bermuda.Completion of refinancing is planned to become effective on or before next interest payment date on 29 june 2017.Refinancing provides archer with sufficient liquidity going forward and no fixed amortizations before march 31, 2020.  Full Article

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

BRIEF-Seadrill files for chapter 11 bankruptcy

* Seadrill announces comprehensive restructuring plan to be implemented with prearranged chapter 11 cases