Archer Limited: Archer signs term sheet to potentially acquire Baker Hughes’ coil tubing and pumping business in the United Kingdom
Hamilton, Bermuda (January 17, 2023) Archer Limited has signed a term sheet with Baker Hughes Limited (“Baker Hughes”) to potentially acquire Baker Hughes’ coil tubing and pumping (“CT&P”) business in the United Kingdom. The CT&P business fits well within Archer’s overall strategy to grow our drilling and well services in UK and to further grow our 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