Skip to main content

Archer completes acquisition of DeepWell

Published by
Oilfield Technology,


Archer has signed an SPA to acquire DeepWell based on an enterprise value of NOK177 million on a debt and cash free basis, as first announced in April.

DeepWell is a Norwegian well intervention company focused on high-tech based wireline services. The company provides wireline and downhole services to oil companies on the Norwegian Continental Shelf (NCS). Headquartered at Karmøy Norway, DeepWell employed approximately 200 people and had a revenue of NOK360 million in 2020. DeepWell commands one of the most modern wireline unit fleets on the NCS and holds a strategic long-term contract in the light well intervention market.

Archer's VP Wireline, Lage Nordby, commented: "We are pleased to welcome DeepWell’s team of employees to Archer. By strengthening our wireline equipment fleet and organisation, increasing our low emission solutions, and continuing our track record for service quality, Archer is well positioned on the Norwegian Continental Shelf. The acquisition of DeepWell gives us access to equipment and employees needed in order to fulfill our obligations under our recently awarded wireline contracts with Equinor and ConocoPhillips."

Jan Erik Rugland, COO of Moreld AS and CoB of DeepWell, commented: "We are pleased to have reached an agreement with Archer securing continued operations on existing contracts and the continued development of DeepWell’s state of the art wireline technology. I want to thank all the employees, both on- and offshore, for their dedication and perfection. This transaction is in line with our strategy to divest capital intensive businesses in order to focus our energy on transition and growth plans."


Read the latest issue of Oilfield Technology in full for free: Issue 1 2021

Oilfield Technology’s first issue of 2021 begins with a look at US tight oil’s prospects this year. The issue then moves on to cover completions technology, production forecasting, electric fracturing, sand recovery and more.

Exclusive contributions come from Rystad Energy, Archer, Weatherford, Halliburton, CGG, NOV, TETRA Technologies, Clariant and more.

Read the article online at: https://www.oilfieldtechnology.com/drilling-and-production/11052021/archer-completes-acquisition-of-deepwell/

You might also like

Howden secures compressor contract for Majnoon oilfield, Iraq

Howden will supply two screw compressor packages to Majnoon oilfield, near Basrah, Iraq. With Howden’s compressor solution, the Majnoon oilfield will save 42 242 t of carbon emissions per year – the equivalent of annual fossil fuel emissions for 9100 cars.

 
 

Embed article link: (copy the HTML code below):


 

This article has been tagged under the following:

Upstream news Offshore news North Sea oil news Oil & gas news