Archer successfully raises Great White equity financing from Seadrill and Lime Rock at NOK 35 per share.
Hamilton, Bermuda (August 26, 2011) Archer Limited's ("Archer") board has, today, resolved to issue 12.7 million new shares of USD 2.- par value at a subscription price of NOK 35,- per share in a private placement directed towards its two largest shareholders, Seadrill Limited ("Seadrill") and Lime Rock Partners V.L.P. ("Lime Rock"). Seadrill was allocated 10.8 million of the new shares while Lime Rock was allocated the remaining 1.9 million new shares. The placement will generate proceeds of USD 82 million to Archer. The background for the placement is Archer's acquisition of the