Based on current and expected future activity, including additional services through our Engineering, Rentals and Oil tools divisions, the extension has an estimated value of up to $100m
Archer has secured a four-year contract extension (the “Extension”) with Apache Corporation (“Apache”) for the provision of platform drilling operations and maintenance services on Beryl Alpha and Bravo, Forties Alpha, Bravo, Charlie and Delta in the UK North Sea. The Extension will commence 1 January 2021 in direct continuation of the current contract. Based on current and expected future activity, including additional services through our Engineering, Rentals and Oiltools divisions, the Extension has an estimated value of up to USD 100 million.
Dag Skindlo, CEO of Archer comments: “We are very pleased to secure this contract extension which underlines Apache’s confidence in Archer’s capabilities in providing platform drilling and maintenance services on their assets. The extension strengthens our long-term business relationship with Apache, which dates back to 2004, and our position as a major provider of platform-based drilling and intervention solutions in the UK.”
“During these challenging times, the professionalism of our team has ensured safe and efficient services to Apache. We firmly believe this contract win is a result of Archer’s continual commitment to provide operators with our experience and the right solutions to improve well delivery, integrity and performance,” continued Mr Skindlo.
Source: Company Press Release