IR news

Archer Limited : Fourth quarter and preliminary 2016 results

Hamilton, Bermuda (February 28, 2016)

Fourth quarter 2016 highlights

  • Archer has today 28th of February separately announced a comprehensive refinancing solution, which will significantly improve the balance sheet and provide sufficient liquidity to develop the business. The refinancing agreements are contingent on a minimum capital raise of $60 million.
  • Fourth quarter revenue was $221.4 million.
  • Fourth quarter underlying EBITDA was reported at $18.8 million, excluding restructuring cost of     $4.8 million.
  • Fourth quarter cash generated from underlying operations to financing activities and servicing of debt was $32.8 million.
  • Net interest bearing debt was $795.9 million at the end of 2016.
  • Quintana Energy Services (QES) completed its financial restructuring in December 2016 with sufficient liquidity to support ongoing operation and growth.
  • Archer’s Norwegian Platform Drilling operation commenced work under an extended contract with Statoil on October 1th 2016 and thereby added five rigs to the portfolio.

In connection with the earnings release, a presentation will be held in Oslo, Norway by Archer CEO John Lechner and CFO Dag Skindlo, at Felix Conference center, Bryggetorget 3 – Aker Brygge, Meeting room Odin, on Wednesday March 1, 2017 at 13.00. 

A live webcast will be available at:

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