Archer Limited : Amendment of financial covenants

Hamilton, Bermuda (April 20, 2015)

To increase the group's financial flexibility Archer and its lenders under the multicurrency revolving facility have agreed to certain amendments to its credit facilities, including an increase in the net interest bearing debt to 12 months rolling EBITDA covenant as well as adjustments to the calculation of the equity ratio.

Following these amendments, and despite the severe challenges the industry is facing, Archer expects to be compliant with all covenants under its loan agreement in the foreseeable future.