IR news

Archer Limited : Archer acquires X-it Casing Exit Systems

Hamilton, Bermuda (April 12, 2012)

Archer Limited today announce the purchase of X-it Energy Services. X-it develop and manufacture proprietary single-trip milling systems used for casing exits including controlled directional, multi-lateral and sidetrack drilling.

Commenting on the acquisition of the Aberdeen based firm, Archer’s Vice President Oil tools, Rolf Egil Håland said, “This acquisition further increases our ability to serve our clients by adding additional unique well service tools to our line of specialized well integrity and well performance products and services.  The acquisition is in line with our strategy to invest in our well services business, with specific focus on international expansion as well as enhancing our technology portfolio. X-it has excellent technology and we plan to rapidly develop upon X-it ‘s product portfolio and its emerging business.”

This information is subject of the disclosure requirements acc. to §5-12 vphl (Norwegian Securities Trading Act)