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."
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