Archer Limited signs offer letter to acquire DeepWell AS

HAMILTON: Archer Limited has signed an offer letter with Moreld laying out principle terms to purchase 100% of the shares in Deepwell AS.

The contemplated transaction is subject to due diligence, negotiation of the transaction documentation, closing conditions and regulatory approvals.

DeepWell is a leading Norwegian well intervention company focused on mechanical wireline and cased hole logging services. Headquartered in Avaldsnes, Norway, DeepWell had approximately 200 employees and a revenue of NOK 355 million in 2020.

Archer will take over Equinor wireline services scope from DeepWell starting May 1, 2021 as earlier communicated.

Archer’s CEO, Dag Skindlo, comments: “An acquisition of DeepWell would secure Archer’s access to a modern fleet of electric wireline units, as well as enable participation in the vessel-based light well intervention market. Strengthening our equipment fleet, broadening our low carbon/low emission solutions and continuing our track record for service quality are all key aspects of our strategy on the NCS. We are impressed by DeepWell’s team and look forward to continuing this process with them.”

Archer Limited is a Bermuda-based oil services company. The Company’s segments include Eastern Hemisphere and Western Hemisphere. The Eastern Hemisphere segment includes the Drilling Facilities Engineering and Platform Drilling business components, as well as Oiltools and International Wireline divisions. www.archerwell.com