Saad Bargach, chairman of Archer Limited has decided to step down from his position but will remain a Director of the company. The Board has elected John Reynolds as new chairman. John Reynolds is the co-founder and Managing Director of Lime Rock Partners and has significant experience in the oilfield service sector.

The company's Board of directors announced the appointment of David King as Chief Executive Officer. Mr. King has over 30 years of experience in international oilfield services and replaces Fredrik Halvorsen who has been Archer's interim CEO since January 2012. Having built a distinguished career with Halliburton, Mr. King held numerous executive leadership roles and worked most recently as president of Halliburton's Completion and Production Division.

He left Halliburton in 2010 after 32 years with the company, to become an independent consultant and currently serves as director on several boards in the United States.