IR news

Archer Limited First Quarter 2011 Results

Hamilton, Bermuda (May 26, 2011)

 First Quarter Highlights

  • First quarter revenue of $ 293.1 million; pro forma revenue of $ 420.0 million
  • First quarter EBITDA of $ 31.0 million, Adjusted pro forma EBITDA at $ 61.2 million
  • Net loss for the quarter of $ 12.0 million including $ 8.6 million of merger related costs and $ 5.1 million of impairment charges
  • Net interest bearing debt at the end of the first quarter 2011 at $ 619.8 million
  • On January 27, 2011 Seawell Acquired Universal Wireline for $ 25.5 million on a debt and cash free basis
  • The merger between Seawell and Allis-Chalmers was completed on February 23rd 2011
  • Archer has changed its financial reporting currency from Norwegian Kroner (NOK) to United States Dollars ($)
  • The Company’s shareholders approved a change in name from Seawell to Archer on May 162011 and the Company began trading under its new ticker symbol ARCHER on May 20, 2011

Archer’s President and CEO Jørgen Peter Rasmussen commented, ”We are very pleased with the company’s transition into a global oilfield service provider specialising in drilling services and well services.  Our first quarter results include significant acquisition and integration related expenses from the Allis-Chalmers, Gray Wireline and Universal Wireline transactions, normal seasonal effects from fewer billable days in Q1, and exceptional weather conditions in February for the U.S.  The EBITDA contribution from world-wide operations continued to grow both sequential and year on year.  Market demand for Archer’s products and services is solid as drilling and well intervention activities in both the United States and internationally continue to recover.”

In connection with the earnings release, a conference call/webcast will be held at 3PM (CEST) today, Thursday May 26, 2011 by Jorgen Peter Rasmussen, Chief Executive Officer, Thorleif Egeli, Chief Operating Officer, Christoph Bausch, Chief Financial Officer and Lars Bethuelsen, Senior Vice President M&A and IR.

For information on how to attend the webcast, detailed information is found on our webpage;

Questions should be directed to:

Jorgen Peter Rasmussen, Chief Executive Officer, Archer Management Limited

Christoph Bausch, Chief Financial Officer, Archer Management Limited

Lars Bethuelsen, Senior Vice-President, M&A and Investor Relations, Archer Management AS

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