Archer to Complete DeepWell Buy in 'Next Few Days'


May 31, 2021
Credit: Archer

Credit: Archer

Oilfield services company Archer is set to complete the previously announced acquisition of rival DeepWell.

"The completion of the acquisition [of DeepWell ] was conditional on obtaining necessary regulatory approval. Such approval was granted today by the Norwegian Competition Authority," Archer said Monday.

"Following the approval, the transaction is expected to close over the next few days," the company said.

As previously reported, Archer agreed to buy DeepWell for  NOK 177 million (around $21,1 million).

DeepWell provides wireline and downhole services to oil companies on the Norwegian Continental Shelf (NCS). Headquartered in Karmøy Norway, DeepWell employed approximately 200 people and had a revenue of NOK 360 million ($43,87 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 said announcing the deal back in May.

No comments

More Popular Posts

About Crude Oil Brokers Ltd

Crude Oil Brokers Ltd is a dedicated global broker and facilitator of crude oil buying and selling. We work directly with crude oil buyers and crude oil sellers worldwide. We are a United Kingdom and Nigerian based firm, privately owned and devoted to the brokering of crude oil and other petroleum products buying and selling.

We have buyers and sellers of;

1. Nigerian Bonny Light Crude Oil, BLCO

2. D2 Diesel Fuel, JP54 Jet Fuel, Mazut etc.

3. Saudi Light Crude Oil, SLCO

4. Iraqi Light Crude Oil

If you are a buyer or seller of crude oil or other petroleum products or have mandate to buy or sell any of the above oil products, do contact us because we could be of help.

To contact Crude Oil Brokers, click here ». To learn more about Crude Oil Brokers Ltd, click here

Crude Oil Brokers