Hamilton, Bermuda (August 9, 2017) 

Archer Limited announces a four-year contract for P&A rig operations. The contract scope includes permanent plugging and abandonment of the wells on the Gyda platform operated by Repsol Norge AS. In addition to the firm contract term, three additional two-year extension options are available. The contract scope includes drilling and maintenance services, engineering and downhole tool rental services.   

“We are proud to have been awarded this four year contract. The new contract is a continuation of Archer’s twenty three year association with the Gyda platform. This is a testament to the hard work and commitment from all our personnel who have maintained a safe environment and a high level of operational and technical efficiency.” said John Lechner, Archer CEO, “We look forward to continuing our working relationship with Repsol Norge AS for the end of field life activities on Gyda”

With this award, Archer’s offshore drilling crews will provide drilling operations and maintenance services on forty-two platforms in the North Sea, two in Brazil and one tender-assist barge rig in Greece. This award from Repsol follows successful contract awards / renewals this year with Shell (U.K.), Marathon  Oil (UK) and Energean Oil & Gas (Greece).

CONTACT

Joachim Houeland

Corporate Treasurer and Investor Relations

(+47) 51 30 81 75

Joachim.Houeland@archerwell.com

This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.