Archer is entering a new chapter in our energy transition strategy and is now investing in Iceland Drilling Company Ltd., an international leading geothermal drilling and well service company. Archer will own 50% of the shares in Iceland Drilling, and Kaldbakur will own the other 50%.
Iceland Drilling is a leading company in the field of high-temperature deep geothermal drilling and has over seven decades of experience and competence in both high and low enthalpy geothermal environments. Headquartered in Hafnarfjördur, Iceland, Iceland Drilling employs 90 people and has an annual revenue of about USD 40 million.
With Archer’s investment in geothermal drilling and well service company, Iceland Drilling we anchor our commitment to the ongoing energy transition. We believe that geothermal drilling will provide growth opportunities for, and synergies with, our existing asset base, our operational experience, and our core competencies. Geothermal energy is part of the future energy mix and is a renewable energy source that offers a stable base load and has direct overlap and synergies with Archer’s core services.