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Archer Ltd (ARCHER.OL)

ARCHER.OL on Oslo Stock Exchange

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Latest Key Developments (Source: Significant Developments)

Statoil awards NOK 12 bln drilling contracts
Tuesday, 3 Apr 2018 03:12am EDT 

April 3 (Reuters) - Statoil Asa ::‍AWARDS NEW DRILLING CONTRACTS WORTH NOK 12 BILLION​.‍HAS AWARDED DRILLING CONTRACTS TO ARCHER, KCA DEUTAG AND ODFJELL DRILLING FOR DRILLING, COMPLETION, INTERVENTION SERVICES, PLUGGING, MAINTENANCE AND MODIFICATIONS ON 18 OF STATOIL'S FIXED PLATFORMS​.‍WORK WILL EMPLOY AROUND 2000 PEOPLE PER YEAR​.‍A COMMON INCENTIVE PROGRAMME WILL STIMULATE SAFE AND EFFICIENT OPERATIONS THROUGH CLOSE COLLABORATION AND INTEGRATION OF WORK​.  Full Article

Archer aims for higher revenue, increased earnings margin in 2018
Tuesday, 27 Feb 2018 01:00am EST 

Feb 27 (Reuters) - Archer Ltd ::ARCHER Q4 ‍REVENUE OF $223.7 MILLION​.ARCHER Q4 ‍EBITDA OF $16.5 MILLION BEFORE EXCEPTIONAL ITEMS​.ARCHER Q4 ‍STRONG CASH FLOW GENERATION WITH A REDUCTION IN NET INTEREST BEARING DEBT OF $21.3 MILLION​.‍ON BACK OF A HIGHER OIL PRICE RELATIVE TO A YEAR AGO, WE BELIEVE THAT MARKET ACTIVITY WILL INCREASE IN 2018, ALBEIT AT DIFFERENT LEVELS WITHIN SEGMENTS WHERE ARCHER OPERATES​.‍OVERALL, WE ARE AIMING FOR BOTH HIGHER REVENUE AND 1-2% INCREASE IN EBITDA MARGIN RELATIVE TO 2017​.‍WE CONTINUE TO REMAIN COMMITTED TO DE-LEVERAGING AND STRENGTHENING OUR BALANCE SHEET THROUGH STRICT CAPITAL DISCIPLINE AND FOCUS ON EFFICIENT OPERATIONS​.  Full Article

‍Archer subscribes for additional 1 mln shares in Quintana Energy as part Of IPO​
Friday, 9 Feb 2018 02:01am EST 

Feb 9 (Reuters) - Oil services firm Archer Ltd ::REG-ARCHER LIMITED : QUINTANA ENERGY SERVICES QES) PRICES INITIAL PUBLIC OFFERING.‍ARCHER HAS SUBSCRIBED FOR AN ADDITIONAL 1,000,000 SHARES IN QES AS PART OF IPO.QES ANNOUNCED TODAY THE PRICING OF THE INITIAL PUBLIC OFFERING OF 9,259,259 SHARES OF ITS COMMON STOCK AT $10.00 PER SHARE ​.‍ADDITIONAL INVESTMENT BRINGS ARCHER'S TOTAL OWNERSHIP POST-IPO TO APPROXIMATELY 28.7 PCT​.‍DESPITE HAVING EXPERIENCED A WEEK OF SIGNIFICANT FINANCIAL MARKET TURBULENCE, QES HAS MANAGED TO IPO, ALBEIT AT A LOWER THAN INITIALLY EXPECTED IPO PRICE.​.  Full Article

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