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Archer completes acquisition of DeepWell

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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."

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