Hamilton, Bermuda (November 6, 2019)
Third quarter highlights 2019
Kjell-Erik Østdahl, Executive Chairman of Archer comments:
“Eastern Hemisphere continues to deliver strong stable performance. Well Services recorded a record number of runs in the quarter, while Platform Drilling delivered strong operating performance and margins. This trend is expected to continue going into 2020.
Furthermore, both our Modular Rigs are now contracted for plug and abandonment work in 2020, and we are currently busy preparing both rigs for operation next year. The capital expenditures spent this year bringing them back into operation will provide good returns once drilling operations commence. The pipeline for further opportunities post 2020 is promising.
Argentina has lately experienced a challenging macroeconomic and political climate. Oil companies have in response to the uncertainty reduced activity. Archer is monitoring and adapting to the situation continuously. Despite the recently announced $200 million contract award from YPF for three land rigs, we expect to have 4 less active land rigs during the last quarter of the year.”
Changes to Board composition
John Reynolds, a current board member of Archer and representative for Lime Rock Partners, has decided to step down from the Board of Directors after eight year tenure as a Director of Archer. Peter J. Sharpe has replaced Mr. Reynold as an independent Director of Archer effective today.
Peter Sharpe retired from Shell in 2017 after holding a diverse range of Executive Management positions in international locations over a period of 37 years. He served as Executive Vice President of Shell for over 10 years, with responsibility for managing Shell upstream investments in well construction and maintenance globally. He served as Chairman of Sirius Well Manufacturing Services Pte Ltd, an independent Joint Venture between Shell and CNPC, from 2012 to 2017 and as a non-executive director of Xtreme Drilling and Coil Services Corporation from 2008 to 2014. Peter Sharpe sits on the Board of Directors of Seadrill Limited.
Webcast and Conference call details
A conference call will be held at 08:00 London time, 09:00 Oslo time on November 6, 2019. To listen to the conference call, the following options are available:
To register for the webcast please go to https://archer.eventcdn.net/2019q3/
B. Conference call
To access the call, which is open to the public, please contact the conference call operator at the participant telephone numbers listed below. Please call in 10 minutes prior to the scheduled start time, and ask for the “Archer Third Quarter 2019 Earnings release.”
Participant Telephone Numbers:
|Norway:||+47 2350 0265|
|UK:||+44 (0)203 194 0544|
The operator will ask for your name and company. Following the presentation there will be a Q&A session. Information on “how to ask questions” will be given at the beginning of the Q&A session.
This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.