Archer Receives LOI for Multiyear Operation of Modular Rig

Archer has entered into a Letter of Intent (LOI) with a North Sea operator for the provision of drilling services using the modular drilling rig Archer Topaz. The LOI is for a firm contract period of 2 years and 3 months, with options for an additional 7 months of work following the initial contract period. A final contract award is subject to a successful front-end engineering design study for deploying the Topaz on the client platform, as well as final client board approval anticipated to be completed by end of February 2020. Expected start-up date for operations is mid-2021.

In combination with the already announced contract for Topaz on Heimdal in 2020, a successful award of this contract will secure the rig working until 2023/2024.