Oilfield services firm Archer said it has signed an offer letter with Moreld laying out principle terms to purchase 100% of the shares in DeepWell, a Norwegian well intervention company focused on mechanical wireline and cased hole logging services.

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

“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,” said Archer CEO, Dag Skindlo. “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.”

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 previously announced.

Source - www.oedigital.com