Archer Limited First Quarter 2011 Results
(Thomson Reuters ONE) -
Hamilton, Bermuda (May 26, 2011)
First Quarter Highlights
* First quarter revenue of $ 293.1 million; pro forma revenue of $ 420.0
million
* First quarter EBITDA of $ 31.0 million, Adjusted pro forma EBITDA at $ 61.2
million
* Net loss for the quarter of $ 12.0 million including $ 8.6 million of merger
related costs and $ 5.1 million of impairment charges
* Net interest bearing debt at the end of the first quarter 2011 at $ 619.8
million
* On January 27, 2011 Seawell Acquired Universal Wireline for $ 25.5 million
on a debt and cash free basis
* The merger between Seawell and Allis-Chalmers was completed on February
23(rd) 2011
* Archer has changed its financial reporting currency from Norwegian Kroner
(NOK) to United States Dollars ($)
* The Company's shareholders approved a change in name from Seawell to Archer
on May 16(, )2011 and the Company began trading under its new ticker symbol
ARCHER on May 20, 2011
Archer's President and CEO Jørgen Peter Rasmussen commented, ''We are very
pleased with the company's transition into a global oilfield service provider
specialising in drilling services and well services. Our first quarter results
include significant acquisition and integration related expenses from the Allis-
Chalmers, Gray Wireline and Universal Wireline transactions, normal seasonal
effects from fewer billable days in Q1, and exceptional weather conditions in
February for the U.S. The EBITDA contribution from world-wide operations
continued to grow both sequential and year on year. Market demand for Archer's
products and services is solid as drilling and well intervention activities in
both the United States and internationally continue to recover.''
In connection with the earnings release, a conference call/webcast will be held
at 3PM (CEST) today, Thursday May 26, 2011 by Jorgen Peter Rasmussen, Chief
Executive Officer, Thorleif Egeli, Chief Operating Officer, Christoph Bausch,
Chief Financial Officer and Lars Bethuelsen, Senior Vice President M&A and IR.
For information on how to attend the webcast, detailed information is found on
our webpage;
http://www.archerwell.com/page/48/webcast.htm
Questions should be directed to:
Jorgen Peter Rasmussen, Chief Executive Officer, Archer Management Limited
Christoph Bausch, Chief Financial Officer, Archer Management Limited
Lars Bethuelsen, Senior Vice-President, M&A and Investor Relations, Archer
Management AS
This information is subject of the disclosure requirements acc. to §5-12 vphl
(Norwegian Securities Trading Act)
2011 1Q Results:
http://hugin.info/143663/R/1518962/455509.pdf
This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Archer Limited via Thomson Reuters ONE
[HUG#1518962]
Unternehmensinformation / Kurzprofil:
Datum: 26.05.2011 - 08:47 Uhr
Sprache: Deutsch
News-ID 55022
Anzahl Zeichen: 3562
contact information:
Town:
Stavanger
Kategorie:
Business News
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"Archer Limited First Quarter 2011 Results"
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