Drilling and well services company Archer Limited (OSE: ARCHER) jumped to some hefty gains on Friday after a large insider purchase was made for the second day in a row. The company announced that Executive Vice President & CFO Christoph Bausch bought 30 000 shares at an average price of NOK 8.07, doubling his share holdings. A day before that President North America & EVP Ronney Coleman had bought 75 000 shares at 8.47 NOK to open up a position in the company. Both of them have a few hundred thousand stock options on top of the direct holdings.
Major owner Seadrill ASA (OSE: SDRL, NYSE: SDRL) already expressed frustration over Archer’s share price performance back in February when it took a large impairment charge related to the share performance , insinuating that the level back then significantly undervalued the true value in the business that the management should be able to unlock. At that time Archer was trading nearly two times above its current level of 8.65 NOK.
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