Reference is made to the release regarding the signing of the offer letter to acquire DeepWell (the "Transaction") as announced on
Archer is pleased to announce that we have signed an SPA to acquire DeepWell based on an enterprise value of
DeepWell is a leading 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
Archer's VP Wireline,
"We are pleased to welcome DeepWell's team of employees to Archer. By strengthening our wireline equipment fleet and organization, 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
"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."
Archer's management will provide further information about the rationale for the Transaction in the scheduled quarterly release call
The closing of the Transaction is expected to be finalized during second quarter 2021 and is subject to customary closing conditions and regulatory approvals.
For additional information please contact:
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)
https://news.cision.com/archer-limited/r/archer-acquires-deepwell-for-nok-177-million,c3343625
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