Archer acquires DeepWell for NOK 177 million
Hamilton, Bermuda (May 10, 2021) Reference is made to the release regarding the signing of the offer letter to acquire DeepWell (the “Transaction”) as announced on April 16, 2021. Archer is pleased to announce that we have signed an SPA to acquire DeepWell based on an enterprise value of NOK 177 million on a debt and cash free basis. The Transaction is accretive both to Archer’s NIBD / EBITDA ratio and EV / EBITDA ratio. Archer will use existing cash and liquidity reserves to finance the Transaction. DeepWell is a leading Norwegian well intervention company focused on high-tech