IR news

Archer Limited : Divestiture of the North American Underbalanced services division to Atlas Copco

Hamilton, Bermuda (October 17, 2013)

Archer Limited announces that one of its subsidiary companies has sold its North American Underbalanced services assets to Atlas Copco.  The all-cash asset sale transaction is completed.  Approximately 70 former Archer Underbalanced employees have joined Atlas Copco.  As of year-end 2012 Archer’s North American Underbalanced services division generated $34 million in revenue. 

“I am pleased that with Atlas Copco we have found a new owner for the Underbalanced services assets and employees who is focused and committed to invest and grow the business going forward. The employees and management team of Archer’s Underbalanced services division have provided high service quality to its customers over the years and I am confident that Atlas Copco will continue to build on that legacy,” said Ronney Coleman, President for Archer in North America.

 “This divestiture will help Archer to continue to focus its efforts in North America on its service and product offerings directed towards unconventional resources” said David King, CEO of Archer.

This information is subject of the disclosure requirements acc. to §5-12 vphl (Norwegian Securities Trading Act)