Hamilton, Bermuda (February 20, 2013)
Archer Limited (the “Company”) has today issued 212,500,667 new shares of par value USD 1 each (the “New Shares”) as settlement of the previously announced Private Placement on February 8, 2013 and the underwriting commission.
The New Shares were issued after the par value reduction and the increase of the authorized share capital resolved at the Company’s special general meeting on February 13, 2013, were affected on February 19, 2013. The Company’s authorized share capital is USD 1,200,000,000 divided into 1,200,000,000 shares of par value USD 1.00 each. The Company’s share will commence trading with par value of USD 1.00 each, as per today.
The issued and paid-up share capital of the Company following the par value reduction and the issuance of the New Shares is USD 579,159,787 divided into 579,159,787 fully paid shares of par value of USD 1.00 each. The New Shares will be admitted for trading on the Oslo Stock Exchange once a prospectus relevant thereto has been approved by the Norwegian Financial Supervisory Authority. This is expected by the end of March 2013.