English

Archer Secures Drilling Contract with YPF S.A. in Argentina

Report this content
Hamilton, Bermuda (February 4, 2014)
Archer Limited announces that the Argentinean branch of its wholly owned subsidiary DLS Argentina Limited has signed an agreement with YPF S.A. for the provision of five new built drilling rigs to support YPF's development of unconventional shale resources in the Neuquén area in Argentina. The agreed contract period is for an initial period of five years, valued at a total of approximately USD 400 million, plus three optional years. The Company is currently in advanced discussions with various lenders, to establish an efficient financing structure based on this project.

"We are very pleased to secure this important contract, which provides us with the opportunity to invest in new state of the art equipment and to be able to support YPF with the development of its unconventional shale resources in Argentina," said David King, Chief Executive Officer, Archer.  "Our operating company in Argentina has a long standing history of over 40 years in the country. It operates over 70 rigs and employs over 2500 experienced employees in Argentina today. With this award, it will not only further increase our presence in the Neuquén area, but it clearly establishes us as one of the largest service providers in the country."

About Archer

Archer is the joining together of several well-specialist companies with a 40-year heritage in oil services, each with a deep heritage in providing services to the oil and gas industry across four continents. Archer specializes in platform drilling, unconventional production, well intervention and well integrity products and services. We employ over 8,300 people unified by a single purpose: to deliver better wells that help our customers produce more oil and gas. Visit our company website at www.archerwell.com.

Archer is listed on the Oslo stock exchange.

CONTACTS

For Investors:
Lars Bethuelsen
Senior Vice President, Mergers and Acquisitions, and Investor Relations
(+47) 51 30 80 00
lars.bethuelsen@archerwell.com

For Media:
Dustin Childers
Director of Marketing Communications
+1 713 856 4222
dchilders@archerwell.com

This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.

Subscribe