Ashurst is advising Archer Limited ('Archer'), a global oilfield services company listed on the Oslo Børs, on its financial restructuring effected by means of a Bermudian scheme of arrangement. The 'amend and extend scheme' was supported by approximately 94% in value of the scheme creditors and was sanctioned by the Supreme Court of Bermuda on 16 June 2017.

The scheme involves the amendment and restatement of a Norwegian law $625 million revolving credit facility to provide the group with sufficient liquidity going forward and no fixed amortisations until March 31, 2020. The company also intends to seek recognition of the scheme under Chapter 15 of the US Bankruptcy Code.

Archer has also taken other steps to strengthen the Company’s balance sheet including a very successful equity fundraising by way of a private placement and subsequent public offering, raising in aggregate approximately NOK 889 million (equivalent to approximately USD 105.8 million), and conversion of approximately USD 125 million (plus interest) of subordinated debt owed to Seadrill Limited into a USD 45 million subordinated convertible loan maturing in December 2021.

The Ashurst team advising on the transaction comprises Dan Hamilton, Anna Langton, Nicholas Walker, Mesha Ghazaleh and Louise Johnson.