HAMILTON, BERMUDA: Archer Limited has signed a term sheet with Baker Hughes Limited to potentially acquire Baker Hughes’ coil tubing and pumping (CT&P) business in the United Kingdom.

The coil tubing and pumping (CT&P) business fits well within Archer’s overall strategy to grow its drilling and well services in UK and to further grow the integrated P&A service offering.

Baker Hughes is divesting the CT&P business as a part of a remedy package offered to the UK Competition and Markets Authority (CMA).

The CMA is undertaking a public consultation process with Archer and one other potential purchaser, which is expected to conclude by February 1, 2023.

The contemplated transaction is subject to Archer being selected as the preferred purchaser by Baker Hughes, definitive agreements, final approval by the CMA, and Archer Board approval.