Archer acquires DeepWell for NOK177m

Archer acquires DeepWell for NOK177m

11 May 2021

Archer has signed a SPA to acquire DeepWell based on an enterprise value of NOK177m (£15m) on a debt and cash free basis.

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, Norway, DeepWell employed approximately 200 people and had a revenue of NOK360 m (£30m) 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.

The closing of the transaction is expected to be finalised during second quarter 2021 and is subject to customary closing conditions and regulatory approvals.

Read more from Industry News
Oil prices climb as uncertainty mounts over fate of Iran sanctions
Read More
ExxonMobil planning to cut US office jobs by up to 10% annually
Read More
Shell and BP announce start-up of Gulf of Mexico development
Read More

Newsletter Sign Up

As a non-member, you can sign up for the EICOnline weekly bulletin free of charge. EIC Online delivers industry news direct to your mailbox. Subscribe here for the EIC’s free weekly newsletter.

First Name
Last Name
Company Name
Work Email
Job Title
Areas of Interest