Archer to acquire US well service provider

Archer Limited entered into an agreement to acquire Premium Oilfield Services, a US well service provider of fishing and P&A related services. The acquisition is expected to close shortly after completion of the contemplated private placement.

Archer will acquire a broad portfolio of fishing equipment with an estimated replacement value of $35-40 million, which will give material third party rental savings. Archer and Premium’s client base represents more than 80% of the estimated $15 billion spend in deepwater P&A and decommissioning in the Gulf of Mexico up to 2040.