Archer Limited: Well Services secures extension of frame agreement with Equinor in the North Sea

Sandnes, Norway (May 6, 2022)

Archer Oiltools has been awarded a 2-year contract extension from Equinor Energy AS in the North Sea.   The contract covers plug and abandonment, fishing and downhole mechanical isolation equipment.  Based on current activity levels, the additional backlog is estimated at $60 million for the 24 months period which will commence in June this year. 

Hugo Idsøe, Vice President, Archer Oiltools, comments.

“This is a strategically important extension for Oiltools in one of our core markets, which further strengthens our footprint and presence in the region. Our technology and strong record of execution in the North Sea makes us a supplier of choice for Equinor. We continue to support Equinor’s requirements for safe and efficient operations while providing proprietary low carbon solutions and operational efficiencies to further their energy transition goals.”

This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act