Archer acquires Managed Pressure Drilling service provider
Hamilton, Bermuda (July 31, 2024) Archer has entered into an agreement with Air Drilling Associates, Inc to acquire their Managed Pressure Drilling (“MPD”) subsidiary ADA Argentina (“ADA”). ADA provides MPD services to Archer’s largest customers in the Vaca Muerta basin in Argentina. MPD is an adaptive drilling process used to precisely control the annular pressure profile throughout the wellbore. Currently ADA owns and operates three MPD systems and a fourth set will be provided by the sellers as part of the transaction. The purchase price is paid with cash generated by Archer’s