Hamilton Bermuda (April 27, 2020)
Further to the release issued by Archer Limited (the “Company”) on March 13, 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:
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 8th, 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