Archer Limited : First Quarter 2017 Trading Update
Hamilton, Bermuda (May 4, 2017) First quarter 2017 highlights · Archer agreed the terms of a comprehensive debt refinancing and raised $100 million in a private placement. · First quarter revenue was $201.6 million. · First quarter underlying EBITDA was $17.3 million, excluding restructuring costs of $2.4 million. · Net loss was improved by $26 million from $48.3 in fourth quarter 2016 to $22.3 million in first quarter 2017. · US operations experienced significant increase in activity. · Archer Oiltools secured frame agreements with Statoil. Subsequent event