Archer reports $244million loss
Well services firm Archer reported a net loss of $244.1 million in its fourth quarter 2015 results as it caught the blowback from impairments valued at $177.5million.
Archer
Archer gets all clear in PSA safety audit
The Norwegian PSA (Petroleum Safety Authority) has carried out an audit to verify Archer has been complying with improvements in relation to major accident risk reduction.
North east oil and lubricant seller nets two new contracts
An Aberdeen-based oil and lubricant firm yesterday said its ability to deliver savings had helped it strike two new deals, one of which is worth nearly £800,000. Normac Oils will supply its products to oilfield services firm Archer and collective members of the North East Procurement Organisation (NEPO) under separate agreements. Normac declined to say which particular client had stumped up the £800,000.
Archer secures North Sea contract for Talisman Sinopec
Oilfield services firm Archer has won a three-year platform drilling services contract for Talisman Sinopec's North Sea assets.
Archer awarded contract extension with Apache
Operator Apache has exercised the first of two options to extend its existing contract with Archer for the provision of platform drilling services for another year.
UK North Sea takes the brunt of Archer job cull
More than two-fifths of the 1,000 job losses anticipated at international oilfield service firm Archer will be in the UK, it said yesterday. Archer, which is listed on the Oslo stock exchange but run from Hamilton, Bermuda, said it had already laid off about 135 workers at its offices in Blackburn, Aberdeenshire. A spokesman added: “Based on conversations with our clients, we anticipate that there will be an additional 290 UK onshore and offshore personnel released by the end of the second quarter in order to align with scheduled activities.”
Archer to reduce its workforce by 1,000 employees
Archer is to reduce its workforce by around 1,000 employees as it looks to make cost savings during the oil price decline. The company said the move accounted for around 11% of its staff as it also looks to review its compensation, bonus and benefits plans. It said work would continue with suppliers and subcontractors to reduce its cost base to “maintain a base level of profitability and generate positive cash flow.” Archer has also reviewed its capital expenditure for 2015, which are estimated at $165million. This includes its investments in new land rigs destined for Argentina amounting to $70million.
Exclusive: Archer to reduce jobs in North Sea operations
Drilling company Archer is in consultation with its staff about redundancies on a number of its North Sea operations. The move will affect offshore employees on the Shell Brent Alpha, Bravo and Delta as well as staff known as the “roving crew” according to documents seen by Energy Voice. In a letter to staff, Archer said the redundancies had been caused by the oil major Shell’s announcement it would be ceasing operations on its Brent Delta Rig.
Talisman terminates Archer rig contract early
Drilling company Archer has received an early termination notice from Talisman Sinopec Energy UK for its modular rig. The Archer Emerald had been contracted out by the company in a two-year contract deal worth $96million and was scheduled to begin in the first quarter of 2016.
Archer Petroleum signs Letter of Intent for three drill projects
Archer Petroleum has signed a Letter of Intent (LOI) to work with Cardiff Energy on a three-well drilling program in Texas. The firm will earn a 25% working interest on the production rates of 180 barrels a day and 250,000 cubic cubic feet of gas on the Bearcat 4 well in Ballinger.