More time in UK for Archer thanks to $40 million extension deal

Oil services company Archer has landed a two-year contract extension for platform drilling services with an undisclosed company in the UK.

The $40 million contract extension is poised to start May 1, 2024, in direct continuation of the current contract. While its client’s name remains unknown, the company has shared that it would continue providing drilling operations, maintenance, and rig reactivation services.

Alexander Olsson, EVP Platform Operations at Archer, noted: “We are delighted that Archer was elected to continue the work for our client. This contract extension reflects our client’s confidence in our ability to maintain safe and efficient operations across their platforms. 

“This extension is a testament to the hard work and dedication of our personnel who have been longstanding in support of both assets. We firmly believe this extension is a result of Archer’s continual commitment to provide our clients with solutions to improve well delivery, integrity and performance.’’

This extension comes on the heels of two assignments the company secured last month, the first being a $20 million platform drilling contract in Brazil, and the second a long-term contract extension with Equinor with an estimated value of over $762 million.