Archer Limited: Archer investing in renewable energy
Hamilton, Bermuda (August 8, 2022) As part of its long-term energy transition strategy, Archer Limited ("Archer") has signed an agreement to acquire 50% of the shares in renewable energy service company Iceland Drilling Company Ltd. ("Iceland Drilling") for a total consideration of USD 8.25 million. Kaldbakur ehf. will remain a large shareholder and will own the other 50%. Iceland Drilling is an international deep geothermal drilling and integrated well service company, with seven decades of experience and competence in both high and low temperature geothermal environments.