Archer Chief Executive Steps Down

January 1, 2012

The board of directors of Bermuda’s Archer Limited today [Jan.1] announced changes to the company’s governance structure.

After the successful integration of Gray Wireline, Allis-Chalmers and Seawell to create Archer in 2011, Jorgen Rasmussen now will transition out of his role as group Chief Executive to pursue other interests.

Saad Bargach has accepted to renew his term and serve as Chairman of the Board and Fredrik Halvorsen will serve as Vice-Chairman and Chief Executive until a permanent solution has been found.

The Board wishes to extend its appreciation to Mr. Rasmussen for his efforts since 2007 in leading the creation of a new global oilfield services company.

The Board and the company’s major shareholders, including Seadrill Limited, Hemen Holdings and Lime Rock Partners, are confident with the long term prospects of Archer and remain committed to its expansion and strategy.

Archer’s Chairman, Saad Bargach, said: “Jorgen has passionately and enthusiastically led the company through a phase of rapid growth; first as Chairman and then as CEO. He and the management team have done an outstanding job in building Archer to what it is today. I want to thank him for this achievement and wish him all the best for his future endeavors”

Formed in Bermuda in 2011, Archer is a global oilfield service company specialising in drilling services and well services.

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