Archer raises $250m to repay debt

Fund-raiser: for Archer

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Steve Marshall

 08 February 2013 10:28 GMT

Oslo-listed oilfield services player Archer has raised $250 million in a successful equity issue largely underwritten by offshore tycoon and dominant owner John Fredriksen.

His majority-owned rig contractor Seadrill and investment vehicle Hemen Holding are among the subscribers to the private placement, proceeds of which are to be used to pay down debt at the cash-strapped contractor.

Seadrill has increased its stake in Archer to 39.9% following the share issue.

Archer, saddled with almost $1.2 billion in debt, has suffered from a downturn in the North American oilfield services market due to reduced gas drilling activity.

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