Archer Limited combines its North American Well Services entities with Quintana Energy Services in a stock transaction to create a leading Oilfield services provider in the North-American land market
Hamilton, Bermuda (November 23, 2015) On November 20, 2015, Archer Limited's subsidiary, Archer Well Company Inc. has entered into a contribution agreement with Quintana Energy Services LP ("QES") to contribute its Pressure Pumping, Directional Drilling, Pressure Control and Wireline divisions ("Well Services Entities") on a cash free debt free basis. The Well Services Entities have been reported under Archer's NAM segment. The aggregate consideration to be paid by QES in exchange for the contribution of the Well Services Entities will consist of QES Common Units and will constitute