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.