Archer Limited: Archer secures five-year Coiled Tubing and Pumping contract in the UK with estimated potential value of up to $50 million
Hamilton, Bermuda (May 25, 2023)
Archer is pleased to announce the award of a five-year contract for the provision of Coiled Tubing and Pumping services with Perenco UK Limited in the United Kingdom. The contract contains two options of one year each and commenced May 3, 2023 in direct continuation of our previous contract with Perenco. The estimated contract value, based on expected activity level for the committed term, is an estimated potential value of up to $50 million.
Dag Skindlo, CEO of Archer:
"We are extremely proud to announce this long-term Coiled Tubing and Pumping contract. This commitment reflects our client’s confidence in our ability to maintain safe operations and continue our strong service delivery performance.
Archer announced the acquisition of the Baker Hughes UK Coiled Tubing business early in 2023 and assumed operations from April 4th. We have successfully transitioned the business and have a dedicated Archer Coiled Tubing team of 50 experienced and skilled employees performing safe and efficient services in the UK.
We look forward to continuing growing the Archer service offering in the UK and bringing value to our clients’ P&A, workover, and intervention programs”.
For additional information, please contact:
Dag Skindlo, Chief Executive Officer, Mobile: +4798226624, Email: [email protected]
Espen Joranger, Chief Financial Officer, Mobile: +47 982 06 812, Email: [email protected]
Joachim Houeland, Manager Treasury and Investor Relations, Mobile: +47 482 78 748, Email: [email protected]