Archer Limited : Quintana Energy Services prices Initial Public Offering
Hamilton, Bermuda (9 February, 2018)
Reference is made to the stock exchange release dated 29. January 2018 regarding the launch of the Initial Public Offering ("IPO") of Quintana Energy Services Inc. ("QES"). QES announced today the pricing of the initial public offering of 9,259,259 shares of its common stock at $10.00 per share (the "Offering"). The shares are expected to begin trading on February 9, 2018 on the New York Stock Exchange under the ticker symbol "QES."
Archer has subscribed for an additional 1,000,000 shares in QES as part of the IPO. The additional investment brings Archer's total ownership post-IPO to approximately 28.7%.
The Company has granted the underwriters of the offering a 30-day option to purchase up to an additional 1,388,889 shares of the Company's common stock at the initial public offering price, less underwriting discounts and commissions. The Offering is expected to close on February 13, 2018, subject to customary closing conditions.
Dag Skindlo, CFO of Archer comments:
"Despite having experienced a week of significant financial market turbulence, QES has managed to IPO, albeit at a lower than initially expected IPO price. We are confident in the growth story of QES, and have thus decided to invest an additional USD 10 million in new equity in order to maximize our post-IPO ownership position in QES. The company has now secured capital for growth, and Archer believes the strong operational performance demonstrated in Q4 2017 combined with a strong balance sheet will allow QES to grow materially over the next 12-18 months."
Dag Skindlo, CFO and EVP Strategy
+ 47 98 22 66 24
Anders Engelsen, VP Corporate Development
+47 932 07 932
This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.