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Archer secures contracts worth $125 million onshore Argentina

Archer’s subsidiary in Argentina has been awarded two contracts – one extension as well as a new contract – totaling $125 million of additional drilling services to Pan American Energy.

One contract is a 2.5-year extension with improved commercial terms for the three drilling rigs operating in Pan American´s Cerro Dragon Field. The extension holds a value of approximately $100 million and runs until Q4 2027.

The other is for one additional drilling rig in Vaca Muerta. This is valued at $25 million over two years, with the rig set to mobilize in Q1 2024.

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