Hamilton, Bermuda (January 5, 2015)
Archer announced today that a subsidiary has received a thirty-day notice of early termination from Talisman Sinopec Energy UK Limited of its modular rig contract for the Archer Emerald. The effective date of termination is expected as the 29 of January 2015. The original two-year contract was valued at approximately USD 96 million and was scheduled to commence during the first quarter of 2016. The early termination fee due to Archer under the contract will range between USD 34 million and USD 43 million.
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