IR news

Archer Limited : Statoil exercises option to extend its Platform Drilling Management contract for the Peregrino Field Development located offshore Brazil


Hamilton, Bermuda (17 November, 2017)

Archer Limited announces that effective from the 1st December 2017, Statoil Brasil Oleo e Gas Ltda. have confirmed a 3 year extension to the Archer’s contract for the provision of Platform Drilling Management Services on the Peregrino A and B platforms located offshore Brazil. The extension awarded is the second of the two options included in the original four year contract which commenced in 2009. The contract extension ensures Archer’s continued operations for Statoil in Brazil until November 30th, 2020.

“This 3 year contract extension illustrates the hard work and commitment from all our personnel over the last 8 years by consistently delivering exceptional operational performance and in continuing to maintain a safe place of work for all those engaged on the Statoil Peregrino operations.” said Kenny Dey, VP Platform Drilling  “We look forward to extending our relationship with Statoil in Brazil by delivering operations and maintenance services in the Peregrino field throughout the duration of the extended 3 year term”.

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