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: http://webcast.seria.no/webcast/48752415
This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.