Archer in Board changes

The Board of Directors of Archer Limited, a supplier of drilling and well services, has informed that its Director, Cecilie Fredriksen, has resigned with immediate effect.

The company appointed Alf Ragnar Løvdal, Orjan Svanevik and Harald Thorstein as Directors to fill vacant positions.

Løvdal

Løvdal is Chief Executive Officer of North Atlantic Drilling Limited since January 2013 and has served as Senior Vice President for Seadrill in the Asia Pacific region from April 2009 until December 2012. He was previously Chief Executive officer of Seawell Ltd.

According to Archer, Løvdal has 35 years of experience in the oil and gas industry, 10 years of which he was responsible for the well services business for the drilling contractor Smedvig, which Seadrill acquired in early 2006. At Smedvig, Løvdal held several senior positions including general manager of operations for mobile drilling units. Prior to his employment with Smedvig and Seadrill, Løvdal held various positions in different oil service companies, including five years of offshore field experience with Schlumberger. He has a degree in mechanical engineering from Horten Engineering Academy in Norway.

Svanevik

Svanevik is an employee of the Seatankers Group and a director of Seadrill Limited. He was previously Managing Director for the investment advisory firm, Oavik Capital. Prior to Oavik, he was Head of M&A and a Partner at Aker ASA, and COO and EVP of Kværner ASA. Svanevik also worked nearly a decade in corporate advisory and investment banking. He started his career at Schlumberger, where he held various international financial management positions. Svanevik has an AMP from Harvard Business School and a MBA from Thunderbird.

Thorstein

Thorstein is an employee of Frontline Corporate Services since 2011, prior to which he was employed in the Corporate Finance division of DnB NOR Markets from 2008 to 2011, specializing in the offshore and shipping sectors. Thorstein has an MSc in Industrial Economics and Technology Management from the Norwegian University of Science and Technology. Thorstein has served as a director of Seadrill Partners LLC since 2012, Ship Finance International Limited since 2011, North Atlantic Drilling Limited since September 2013 and Northern Offshore Limited since 2012, Golden Ocean Group Limited since 2014, Frontline 2012 since 2014 and has served as the Chairman of the Board of Directors Deep Sea Supply PLC since May 2013.

John Reynolds, Chairman of the Board of Directors said, “The Board would like to thank Ms Fredriksen for her contributions as a director and wishes her well in all her future endeavours. The Board also welcomes the new Directors who will add significant experience and I look forward to their contribution to the Company’s future development.”