Archer Limited: Wellbore Fishing and Rental Tools LLC acquisition closed

Hamilton, Bermuda (November 18, 2024)

Reference is made to the notification dated October 30, 2024, wherein Archer announced its agreement to acquire Wellbore Fishing & Rental Tools, LLC (“WFR”).  Total consideration for the acquisition was $51.5 million, financed through a private placement of $50 million as announced on October 31, 2024, and cash at hand. 

We are pleased to announce that the transaction has now closed, in accordance with previously communicated terms.

About WFR

WFR is a US based well technology company focused on oil and gas fishing operations. Fishing operations include multiple activities during the well life cycle, including the removal of stuck equipment, pipe, completion, downhole tools, casing, and liners for intervention, as well as workover and P&A operations. WFR’s 2024 revenue is expected to reach approximately $45 million, with an EBITDA margin above 30%.

For additional information please contact:

Espen Joranger, Chief Financial Officer, Mobile: +47 982 06 812, Email: espen.joranger@archerwell.com

Joachim Houeland, Manager Treasury and Investor Relations, Mobile: +47 482 78 748, Email: joachim.houeland@archerwell.com