Archer Limited : Closing of the combination of its North American Well Services entities with Quintana Energy Services
Hamilton, Bermuda (December 31, 2015)
With reference to the news release on November 23, 2015, Archer Limited is pleased to announce that the combination of its North American Pressure Pumping, Directional Drilling, Pressure Control and Wireline divisions with Quintana Energy Services LP has been completed.
Following the closing of this transaction, Archer will be organized in two Reporting Segments, Eastern Hemisphere and Western Hemisphere. Eastern Hemisphere will include all businesses previously reported under the North Sea and EMT Reporting Segments, while Western Hemisphere will include the former Latin America Reporting Segment, the Frac Valve Division and the ownership participation of Quintana Energy Services LP, which will be reported as a minority equity interest.
This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.