IR news

Archer awarded integrated wireline contract for Equinor with a total contract value of approximately NOK 2.5 billion

Hamilton, Bermuda (January 19, 2021)

Archer Limited (“Archer”) is pleased to announce that Equinor has awarded Archer Integrated Services AS, in alliance with Welltec Oilfield Services (Norway) AS (“Welltec”) and Schlumberger Norge AS (“Schlumberger”), a five-year contract for the provision of integrated wireline services in the North Sea.

The services offered under the contract include cased hole mechanical wireline services, tractor and powered mechanical services as well as electric-line logging services. The scope of work will be delivered using leading edge technology, multiskilled crews and industry leading digital solutions in close collaboration with the alliance partners Welltec and Schlumberger, as well as Archer’s Platform Drilling division. Based on the current operational plans, the total estimated turnover from the contract will be approximately NOK 2.5 billion.

Dag Skindlo, CEO of Archer comments;

“With this award, Archer and its partners have proven the commercial benefit and technical advantage of our strategic alliance.  We believe that the joint capabilities of Archer, Welltec, and Schlumberger are unmatched in the intervention industry.

In addition to our alliance service offering, Archer is in a unique position to offer more cost-efficient operation through our OneArcher operating model.  As our Platform Drilling division is currently performing drilling operations on the Gullfaks and Statfjord platforms, we can further integrate and collaborate to offer a more efficient utilization of resources on these assets through cross training, operational synergies, and optimization of personnel.  This model will provide a meaningful cost savings to our client, in addition to supporting our industry’s goals of reducing carbon footprint and lessening of environmental impact.

We look forward to expanding our wireline operations for Equinor, in close cooperation with our alliance partners Welltec and Schlumberger.”

For additional information please contact:

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

Joachim Houeland, Manager Treasury and 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)