Geothermal and CCUS

Archer has entered a new chapter in our energy transition strategy and has invested 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.

Read more about Iceland Drilling Company Ltd. here

Archer is an industry leader for smart and robust solutions in markets where well integrity, reliability and time savings are of upmost importance. Our range of technologies is designed to deliver better wells by extending well life, maximizing well performance and minimizing environmental impact. Integrity is one of the most important aspects of CCS wells to ensure that the carbon stays in the ground for eternity.

Geothermal wells are also playing an important role as a renewable energy resource in achieving the Paris climate goals. Archer has a broad range of technologies and innovative solutions to deploy in Geothermal wells.
A combination of CCS & Geothermal Technologies can contribute to achieving faster the required reduction in CO2 emission and to decrease the cost by sharing injection wells, using CO2 instead of water as heat transfer fluid, thereby lowering water consumption and saving pump costs.