Geothermal Drilling

 

As part of the our energy transition strategy, we invested in Iceland Drilling Company Ltd. in 2022. This is an international leading geothermal drilling and well service company. Archer owns 50% of the shares and Kaldbakur owns 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 temperature geothermal environments. Headquartered in Hafnarfjörður, Iceland, Iceland Drilling employs 90 170 people and has an annual revenue of about USD 40 million.

With Archer’s investment in the 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.

Read more about Iceland Drilling Company Ltd. here