Archer Limited (ARCHER) 🛢

TekBot · mars 10, 2020, 2:02pm

Archer Limited: Archer’s Board of Directors appoints Dag Skindlo as CEO and Espen Joranger as CFO of Archer

Hamilton, Bermuda (March 10, 2020)

Archer Limited is pleased to announce the appointment of Dag Skindlo as the
…

Vis børsmeldingen

Company’s new Chief Executive Officer. Dag Skindlo joined Archer as Chief
Financial Officer and EVP Strategy in May 2016.

Kjell-Erik Østdahl, Chairman of Archer, comments:

“I’m pleased that Dag will take on this challenge. We have had a thorough
recruitment process where the Board has been looking for the best candidate to
lead Archer going forward. Dag has a strong commercial track-record and has the
best qualifications for delivering on our corporate strategy. He has been
instrumental in delivering improvements in Archer since 2016 with an impressive
development in margins and leverage ratio.”

Dag Skindlo, CEO of Archer comments:

“I look forward to leading Archer’s highly competent global workforce with a
focus on delivering both customer and shareholder value. I firmly believe we
have the team and resources to sustain our profitable growth in the years to
come. Furthermore, I am delighted to announce that Espen Joranger has accepted
the role as CFO. Espen has deep knowledge of the company, our businesses and the
organization. This secures momentum and continuity from day one.”

Mr. Skindlo has worked 28 years in the oil and gas industry. He joined
Schlumberger in 1992 where he held various financial and operational positions
before he joined the Aker Group of companies in 2005, where he held global CFO
roles and Managing Director roles for several large industrial divisions. Before
joining Archer in 2016, Dag held the position as CEO for Aquamarine Subsea.

Mr. Joranger joined Archer in May 2013 as Finance Director North Sea Region and
currently holds the position as Group Controller. Before joining Archer, he
worked for Seadrill as Director of Financial Accounting and 8 years for Ernst &
Young. Espen has 10 years’ experience from the Oil and Gas industry.

This information is subject to the disclosure requirements pursuant to section 5
-12 of the Norwegian Securities Trading Act.

Kilde

TekBot · mars 13, 2020, 6:00am

Archer Limited: Archer has successfully amended and extended its debt facilities

Hamilton, Bermuda (March 13, 2020)

Archer has secured a consensual amendment and extension of its debt facilities
…

Vis børsmeldingen

with all the lenders to the company. The new financing agreements secure a
robust financial foundation:

· Main loan facility extended until 1[st] October 2023
· A fixed amortization schedule reinstated
· Interest margins unchanged
· No new equity or liquidity required
· Debt reduction of USD 45 million, equal to NOK 3.1 per share, through
reduction of subordinated convertible loan in exchange for a lowered conversion
strike price
· Pro forma NIBD reduced from 582 million to USD 537 million
· Available liquidity of approx. USD 96 million post refinancing

CEO Dag Skindlo comments:

“Archer is pleased to announce that we have agreed an extension and reduction of
the debt with the lenders under our loan facilities. Archer has demonstrated
considerable growth in EBITDA and EBIT over the last 2 years, and Archer has
reduced the leverage ratio from 16.2x in 2016 to 6.2x at the end 2019. The
improved financial results, with a year on year growth in EBITDA and EBIT of 30%
and 170% respectively, coupled with robust cash flow generation and a meaningful
liquidity buffer, have enabled us to secure these favorable amendments without
issuing new equity and keeping interest margins at competitive levels. The
agreed reduction in NIBD of 7.8% improves our credit metrics further, and the
extensions ensure a solid financial platform to navigate a turbulent and
challenging market environment.”

Revolving Credit Facility

Archer has concluded the negotiation with the lenders under the main facility
resulting in amendments to, and an extension of, the USD 610.8 million revolving
credit facility (the “RCF”) and overdraft facilities.

The amendments to the RCF include:

· An initial decrease in the commitments by USD 31.7 million to a total of USD
579.1 million
· A 3 year extension of the final maturity to 1[st] October 2023
· Quarterly amortization of USD 4 million commencing 31 March 2021
· A cash sweep mechanism of excess liquidity above USD 90 million starting 31
December 2020
· Interest margin unchanged
· Amendments to the financial covenants with sufficient headroom to Archer’s
business plan

BNP/Hermes covered term loan

Archer has reached an agreement with BNP on the EUR 21.4 million outstanding
BNP/Hermes covered term loan that include:

· An extension of the final maturity until December 2022
· A EUR 10 million instalment on signing of the amendment agreement
· Quarterly instalments of EUR 1.4 million commencing in 2021
· Interest margin unchanged
· Amendments to the financial covenants with sufficient headroom to Archer’s
business plan

Subordinated Convertible Loan

Archer has reached an agreement with Seadrill that the principal and accrued
interest as per 31 December 2019 is reduced by 75%, and the new outstanding
amount will be USD 13 million. At the same time, the conversion price is
adjusted to USD 0.4 per share (from USD 2.083 per share). The final maturity is
extended until 1 April 2024.

The amendments to the loan agreements are subject to, inter alia, final
documentation and customary conditions precedent as well as well as Hermes
credit approval of the EUR 21.4 million BNP/Hermes covered loan.

For additional information please contact:

Dag Skindlo, Chief Executive Officer

Mobile: +47 982 26 624, Email: dag.skindlo@archerwell.com

About Archer

Archer is a global oil services company with a heritage in drilling and well
services that stretch back over 40 years. Employing more than 5000 people at 40
locations in 17 countries, from drilling services, well integrity &
intervention, plug & abandonment to decommissioning, Archer is focused on safely
delivering the highest quality services and products to the drilling and well
service markets. Visit our company website at www.archerwell.com

This information is subject of the disclosure requirements acc. to §5-12 vphl
(Norwegian Securities Trading Act)

Kilde

TekBot · mars 16, 2020, 10:40am

Archer Limited : Settlement of restricted stock units

Hamilton, Bermuda (March 16, 2020)

Archer Limited (“the Company”) has through market purchases executed on March
…

Vis børsmeldingen

16, 2020 repurchased 7,125 of the Company’s own common stock at an average price
of NOK 1.8597 per share. After this transaction, the Company held a total of
25,000 treasury shares.

In connection with Archer’s long term incentive program 25,000 restricted stock
units (“RSUs”) have vested and the same amount of common shares have been
distributed to Archer employees. The Company has used its treasury shares for
settlement.

The following primary insider was amongst the recipients of shares:

Mr. Adam Todd, General Counsel, received 6,250 shares. After this transaction,
Mr. Todd holds 54,416 shares and 143,584 RSUs in Archer Limited.

After these transactions, the total number of options and RSUs outstanding in
Archer Limited is 650,001 and 4,132,364 respectively.

This information is subject to the disclosure requirements pursuant to section 5
-12 of the Norwegian Securities Trading Act.

Kilde

TekBot · april 15, 2020, 4:32pm

Financial calendar

TekBot · april 27, 2020, 8:52pm

Archer Limited : Debt refinancing completed

Hamilton Bermuda (April 27, 2020)

Further to the release issued by Archer Limited (the “Company”) on March 13,
…

Vis børsmeldingen

2020, the Company is pleased to announce that the amendment agreements in
relation to the refinancing of the Company (the “Refinancing”) have been
executed and all conditions precedents to the Refinancing have been satisfied.
This means that the Refinancing of the Company, as announced on 13 March 2020,
has been completed.

The new financing agreements secure a robust financial foundation:

· Main loan facility extended until 1st October 2023
· Including scheduled instalments in Q1 2020, the commitments under the
multicurrency term and revolving credit facility was reduced by USD 31.7 million
and the amount outstanding under the Hermes covered term loan was reduced by EUR
10 million
· A fixed quarterly amortization schedule with instalments totaling roughly
USD 5.5 million commencing on March 31, 2021
· Interest margins unchanged
· No new equity or liquidity required
· Debt reduction of USD 45 million through reduction of subordinated
convertible loan in exchange for a lowered conversion strike price, resulting in
a positive P&L effect in second quarter 2020 of USD 45 million, equal to NOK 3.1
per share
· Available liquidity in excess of USD 90 million following the Refinancing

CEO Dag Skindlo comments:

"We are very pleased to finalize the Refinancing on the back of improved results
in the period past us. The industry is currently in the midst of an
unprecedented combination of a global pandemic coupled with a dramatic fall in
oil prices. Archer has been working hard to assess the impacts of this
development on the business and to implement mitigating factors and execute cost
reduction initiatives that will enhance the Company’s ability to withstand the
current market conditions. Archer has a solid liquidity position following the
Refinancing, and the combination of cash generation from operation, absence of
major loan maturities until fourth quarter 2023 and ample available liquidity
enables the Company to withstand a meaningful drop in activity. In our Trading
Update scheduled for May 8[th], we will provide an update on the impact of
pandemic and fall in oil price. "

Enquiries:

Espen Joranger, CFO

47 982 06 812

espen.joranger@archerwell.com

Joachim Houeland, Corporate Treasurer

+47 482 78 748

joachim.houeland@archerwell.com

Kilde

TekBot · april 29, 2020, 9:15pm

Archer Limited: Annual report and ESG report for 2019

TekBot · mai 8, 2020, 5:01am

Archer Limited: First Quarter 2020 Trading Update

Hamilton, Bermuda (May 8, 2020)

First quarter 2020
…

Vis børsmeldingen

· Revenue of $237.1 million
· Strong operational results for Q1 2020 with EBITDA before exceptional items
of $28.1 million
· Refinancing closed with maturity of main facility in Q4 2023
· Modular rigs mobilized for operations in New Zealand and Norway
· Covid-19 and oil price reduction impacting client activity

Dag Skindlo, CEO of Archer comments:

"We saw a reduction in activity towards the end of March in most of our business
areas following the spread of the COVID-19 and the oil price drop. Archer has
since the virus emerged, monitored the situation closely to ensure the safety of
our colleagues, customers and the communities in which we operate, while
continuously delivering efficient operations to our customers.

Offshore operators have announced 20-30% investment cut for 2020, which gives an
immediate impact on Archer activity across our global divisions. Furthermore,
the lockdown in Argentina has resulted in a situation where approximately 75% of
our employees are in their homes with reduced compensation. In order to mitigate
the impact of the reduced activity, we have effectuated a series of cost
reduction initiatives including reduction in our work force and postponement of
investments.

Following the closing of the refinancing in April, Archer has adequate levels of
liquidity available. Sufficient liquidity combined with our expectation that we
will remain cash flow positive, enables us to withstand a meaningful drop in
activity."

Archer financial outlook 2020

In the current environment there is significant uncertainty related to
forecasting, and our main financial priorities are cost alignment to the reduced
activity and safeguarding our liquidity. Given the significant market
uncertainty we find it challenging to provide guidance, however we currently
estimate the following outcome for 2020;

· Annual revenue to be reduced by approximately 20-25% compared to 2019
· Positive free cash flow in 2020
· NIBD at $525-535 million at the end of 2020, down approximately 10% from end
of 2019
· In Q2 we will record a gain related to the refinancing of $45 million,
partly offset by expected impairment charges of $15-20 million

In connection with the Trading Update, a conference call will be held at 8:00 am
London time, 9:00 am Oslo time on May 8, 2020.

To listen to the conference call, the following options are available:

A. Webcast

To register for the webcast please go to https://archer.eventcdn.net/2020q1/

B. Conference call

To access the call, which is open to the public, please contact the conference
call operator at the participant telephone numbers listed below. Please call in
10 minutes prior to the scheduled start time, and ask for the “First Quarter
2020 Trading Update call”

Norway: +47 21 95 63 42

UK: +44 203 769 6819

USA: + 1 917 962 0650

Participant pincode: 404874

This information is subject to the disclosure requirements pursuant to section 5
-12 of the Norwegian Securities Trading Act.

Kilde

TekBot · mai 22, 2020, 6:01am

Archer Limited : Archer secures multi-well P&A contract for modular rig Archer Topaz in the UKCS

Hamilton Bermuda, (May 22, 2020)

Archer today announces its formal contract award for provision of modular
…

Vis børsmeldingen

drilling unit and associated services by TAQA.

“We are delighted with the award of this contract which secures the rig work
until late 2023.” said Dag Skindlo, Chief Executive Officer of Archer.

Archer’s rig has been contracted by TAQA to perform a twenty-one well plug and
abandonment campaign for their Northern North Sea Cormorant Alpha platform.

The integrated P&A service delivery will include services provided by Archer’s
Engineering, Rentals, Oiltools and Wireline divisions, and will also require
Archer to manage and deliver cementing, swarf and re-injection services from
3[rd] party providers.

The Archer Topaz is estimated to mobilise to Cormorant Alpha in second half of
2021 following the removal of the existing Cormorant Alpha integral derrick
equipment set, and reactivation activities on the platform by Archer’s
Engineering division.

For additional information please contact:

Espen Joranger, Chief Financial Officer, Mobile: +47 982 06 812, Email:
espen.joranger@archerwell.com (dag.skindlo@archerwell.com)

Joachim Houeland, Corporate Treasurer, Mobile: +47 482 78 748,
Email: joachim.houeland@archerwell.com

This information is subject of the disclosure requirements acc. to §5-12 vphl
(Norwegian Securities Trading Act)

Kilde

pleximus83 · juli 14, 2020, 4:34pm

go short?

Edit:
Never mind the short

TekBot · juli 28, 2020, 4:43pm

Archer Limited: Completion of the Merger between Quintana Energy Services Inc. and KLX Energy Services Holdings Inc.

Hamilton Bermuda (July 28, 2020)

Reference is made to the announcement on May 3, 2020, by Quintana Energy
…

Vis børsmeldingen

Services Inc. (“QES”), whereby QES outlined its plan to merge with the Nasdaq
listed U.S. onshore oilfield services company KLX Energy Services Holdings Inc.
(“KLXE”) in an all-stock merger (the “Merger”).

On July 24, 2020 the shareholders in both KLXE and QES approved the Merger and
the Merger closed on July 28, 2020 whereby shareholders in QES received 0.0969
shares in KLXE for each share held in QES. Archer has received a total of
919,998 shares in KLXE, representing approximately 11.1% of the shares in KLXE.
KLXE will remain on Nasdaq with the ticker “KLXE”.

KLXE and QES has through the Merger combined their services, establishing an
industry-leading provider of asset-light oilfield solutions across the full well
lifecycle including drilling, completing and production related products and
services. Archer’s CEO Dag Skindlo will serve as Director on the KLXE Board.

For further information about KLXE and the Merger please see details on KLXE:

https://investor.klxenergy.com/

Enquiries related to the transaction should be directed directly to KLXE.

This information is subject to the disclosure requirements pursuant to section 5
-12 of the Norwegian Securities Trading Act.

Kilde

TekBot · august 6, 2020, 7:46am

Archer Limited: Invitation to Second Quarter and Half Year 2020 Results Presentation

Hamilton, Bermuda (August 6, 2020)

Archer Limited’s second quarter and half year 2020 earnings results is scheduled
…

Vis børsmeldingen

to be released on August 14, 2020 before the start of trading on Oslo Stock
Exchange. In connection with the earnings release, a presentation will be held
at 9:00 am CET on August 14, 2020.

To follow the presentation, the following options are available:

A. Webcast

To register for the webcast please go to https://archer.eventcdn.net/2020Q2/

B. Conference call

To access the call, which is open to the public, please contact the conference
call operator at the participant telephone numbers listed below. Please call in
10 minutes prior to the scheduled start time, and ask for the “Archer Second
Quarter 2020 Earnings Release”

Norway: +47 23 96 36 88
UK: +44 333 300 9034
USA: + 1 833 526 8347

The operator will ask for your name and company. Following the presentation
there will be a Q&A session. Information on “how to ask questions” will be given
at the beginning of the Q&A session.

This information is subject to the disclosure requirements pursuant to section 5
-12 of the Norwegian Securities Trading Act

Kilde

Kallep · august 12, 2020, 8:20am

Kva tankar har folket her inne om Q2 i Archer og utviklinga til selskapet generelt?

Selskapet hadde god kontroll på økonomien i Q1. Sidan då har dei meldt om at riggen Archer Topaz har fått ein lengre kontrakt, dei har fått refinansiert all gjeld og ein større kontrakt med Repsol på Gyda-plattformen.

Er det tid for å posisjonere seg her eller bør ein halde seg unna?

TekBot · august 14, 2020, 5:02am

Archer Limited: Second Quarter and Half Year 2020 Results

Hamilton, Bermuda (August 14, 2020)

Second quarter 2020 highlights
…

Vis børsmeldingen

· Revenue of $192.8 million
· Reduced activity following Covid-19
· EBITDA before exceptional items of $25.4 million
· Refinanced completed with robust liquidity
· Net interest bearing debt reduced to $520 million
· Awarded modular rig contract for Topaz

Dag Skindlo, CEO of Archer, comments:

"Archer’s operational and financial results were solid in the second quarter.
Despite being negatively impacted by the Covid-19 pandemic and low oil price,
our financial performance was better than we expected in the beginning of the
quarter. We are also pleased to report positive net income on a YTD basis
despite the market turbulence.

I am proud of all Archer employees around the world, who showed commitment and
dedication in difficult times with lockdowns and working from home. The solid
operational performance is primarily due to our ongoing operation in the North
Sea including contribution from our modular rigs this quarter. The reduction in
activity is predominantly related to our land drilling operations in Argentina,
where the government-imposed lockdown has significantly impacted our ability to
operate.

Market conditions will remain volatile going forward. We will continue to
monitor the development of the pandemic and are prepared to swiftly adapt
further measures to ensure the safety of our colleagues, customers and
stakeholders, as well as to adjust our cost base and investments to
safeguard our liquidity".

Archer financial outlook for 2020 improved

Despite the significant market uncertainty, we currently estimate the following
for 2020:

· Revenues expected 15-18% lower than in 2019
· Capex expected at about 3% of revenue
· Net interest bearing debt estimated at $515-520 million end of 2020

For additional information please contact:

Espen Joranger, Chief Financial Officer

Mobile: +47 982 06 812 | Email: espen.joranger@archerwell.com

Joachim Houeland, Corporate Treasurer

Mobile: +47 482 78 748 | Email: joachim.houeland@archerwell.com

In connection with the earnings release, a presentation will be held at 9:00 am
CET on August 14, 2020.

To follow the presentation, the following options are available:

A. Webcast

To register for the webcast please go to https://archer.eventcdn.net/2020Q2/

B. Conference call

To access the call, which is open to the public, please contact the conference
call operator at the participant telephone numbers listed below. Please call in
10 minutes prior to the scheduled start time, and ask for the “Archer Second
Quarter 2020 Earnings Release”

Norway: +47 23 96 36 88

UK: +44 333 300 9034

USA: + 1 833 526 8347

The operator will ask for your name and company. Following the presentation
there will be a Q&A session. Information on “how to ask questions” will be given
at the beginning of the Q&A session.

This information is subject to the disclosure requirements pursuant to section 5
-12 of the Norwegian Securities Trading Act.

Kilde

E24Bot · august 14, 2020, 5:27am

Archer mer enn tidobler resultat før skatt

Buffet · august 14, 2020, 5:47am

Ikke værst. Blir nok dagens vinner dette.

Kallep · august 14, 2020, 5:59am

Ja, dette var solide saker.

Får håpe at kursar på 2-talet no er historie og at gårsdagen var starten på ein lengre positiv trend. Archer Topaz vil begynne å bidra med solide inntekter fra neste år og oppstart på Repsol-jobben i januar 2021 vil også forbedre bildet. Trur denne kan vera lur å sitte i dersom ein har litt lengre horisont på investeringa.

https://www.offshore-mag.com/drilling-completion/article/14176520/archer-topaz-to-pa-north-sea-cormorant-wells

Hennics · august 14, 2020, 7:48am

Er snakk om at Repsol skal starte opp igjen på Gyda allerede i oktober så lenge koronasituasjoneb holder seg stabil

Kallep · august 14, 2020, 5:59pm

Etter kvart som eg såg robotane slå til igjen for fullt valgte eg å ta gevinst og heller flytte pengan til andre mindre manipulerte aksjar. Archer må jo vera ein av dei mest manipulerte aksjane på Oslo børs. At dette får lov til å skje så openlyst skjønner eg ikkje, men at det skjer herskar det i alle fall liten tvil om. Har veldig trua på selskapet utover i 2021, men her er det postar på 7500 og 1 aksjar som vekslar dagen lang. Over 3 kr skal i alle fall ikkje kursen uansett kor gode nyheter som kjem…

Ønsker eksisterande aksjonærar lykke til. Selskapet er jo prisa til knappar og glansbilder, men sånn er det visst nokon som ønskjer at den skal vera i uoverskueleg framtid.

TekBot · august 17, 2020, 9:26am

Financial calendar

Korben · august 20, 2020, 9:18am

Jeg valgte å holde inntil videre, synes den hviler fint på SMA200 nå.
Håper den gjør et tredje, vellykket forsøk på å bryte 3-tallet snart, hvis ikke blir det vel å se etter bedre alternativer for min del også.
Stigende trend holder fremdeles, og volumet ser ut til å være på vei opp.