Deal announcement

Archer Limited raised gross proceeds of NOK 840 million through issuance of 84 million shares at a subscription price of NOK 10.00 per share through an accelerated bookbuild. The private placement received strong interest from large international and Nordic institutional investors and was significantly oversubscribed.
The transaction was part of an overall restructuring of Archer, in which the company reduces its net debt by USD 208 million and secures a runway to 2020.

About Archer Limited

Archer is a global oil services company with a heritage that stretches back over 40 years. With a strong focus on safety and delivering the highest quality products and services. Archer operates in 40 locations over 19 countries providing drilling services, well integrity & intervention, plug & abandonment and decommissioning to its upstream oil and gas clients.

Published: 3 Apr, 2017