Archer Limited : Archer secures drilling contract with Pampa Energy in Argentina
Hamilton, Bermuda (June 14, 2018)
Archer Limited announces that Pampa Energy S.A. has awarded Archer's wholly owned subsidiary DLS Archer Ltd. a 3 year contract, commencing August 1st of this year, for the provision of land drilling services for DLS Archer Rig 165 in the Vaca Muerta region of Argentina. In addition to the firm contract term, two additional three-year extension options are available. DLS Archer Rig 165 recently came off contract with another client, and has been working in the Vaca Muerta region the last three years.
"The exciting shale play of Vaca Muerta is attracting considerable client interest and demand for high specification drilling rigs. DLS Archer holds a leading position within the unconventional shale play in Argentina, both in terms of operational performance, drilling assets and HSE performance. The increased client demand and our strong reputation in the region have resulted in the new contract with Pampa Energy. As part of the contract with Pampa Energy, the land drilling rig will be upgraded from 5000 PSI to 7500 PSI and retrofitted with a walking system to further enhance its operational capabilities and efficiency, and will be one of only three rigs in the area with these capabilities." said Greg Helmen, VP Land Drilling.
For additional information please contact:
Dag Skindlo, CFO and EVP Strategy
Mobile: +47 98226624
dag.skindlo@archerwell.com
This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.