ARHVF Archer Ltd (PK)

   DOW JONES NEWSWIRES 
 

Oslo-listed oilfield service company Archer Limited (ARCHER.OS) said Friday it will raise $82 million in a share issue directed towards its two largest shareholders, Seadrill Limited (SDRL.OS) and Lime Rock Partners V.L.P.

    MAIN FACTS: 

-The company will issue 12.7 million new shares of $2 par value at a subscription price of NOK35 per share.

-Seadrill was allocated 10.8 million of the new shares, while Lime Rock was allocated 1.9 million new shares.

-The background for the placement is Archer's acquisition of the Great White Energy group which closed earlier in the week.

-The private placement will close on Aug. 31. Following closing, Seadrill will 38.3% and Lime Rock 13.4% of shares in Archer.

-At 1120 GMT, shares in Archer were down 2.5% at NOK23.93.

-By Anna Molin; Dow Jones Newswires; +46-8-5451-3103; anna.molin@dowjones.com