Archer Limited: Archer secures contract worth USD 40 million in Brazil

Archer Limited: Archer secures contract worth USD 40 million in Brazil

Hamilton Bermuda, (July 24, 2024)

Archer has been awarded a two-year contract for platform drilling services for Equinor in Brazil.  The estimated firm contract value is USD 40 million. The contract will commence in November 2024 in direct continuation of Archer’s current contract for drilling operations and maintenance on Equinor’s Peregrino A & B platforms and includes an optional two-year extension period.

Alexander Olsson, EVP Platform Operations comments:

‘’We are proud that Equinor has chosen to continue their relationship with Archer in Brazil where we have been the partner of choice since the start of drilling operations in 2008. This contract reflects our client’s confidence in our ability to maintain safe and efficient operations across both their platforms. It is testament to the hard work and dedication of our teams who have supported both the Peregrino A & B assets for over fifteen years. This contract is an important part of Archer’s strategy to increase and strengthen operations in key regions and gives us visibility to continue our international growth”.

For additional information please contact:

Espen Joranger, Chief Financial Officer | Mobile: +47 982 06 812 | Email: espen.joranger@archerwell.com

Joachim Houeland, Manager Treasury & Investor Relations | Mobile: +47 482 78 748 | Email: joachim.houeland@archerwell.com

This information is subject of the disclosure requirements acc. to §5-12 vphl (Norwegian Securities Trading Act).