Photo: Illustration; Source: Archer

Archer board elects new director

Offshore services provider Archer Limited has announced the appointment of a new director to its board.

Based on the company’s statement on Friday, the board of directors appointed Jan Erik Klepsland as Kristian Melhuus’ replacement. Since Melhuus resigned as director of the Archer board, a new director needed to be elected.

Klepsland is a director of Seatankers Management Norway, while prior to this, he held the position as partner at ABG Sundal Collier and director in Nordea. The new director has experience within equity and debt financing, M&A and restructuring and holds an MSc in Finance from the Norwegian School of Economics (NHH). As a Norwegian citizen, Klepsland resides in Oslo.

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In June this year, Archer closed the acquisition of Norwegian well-intervention company DeepWell, following the signing of a sale and purchase agreement in early May to acquire the firm on a debt and cash-free basis, based on an enterprise value of $21.1 million.