Archer seals three-year deepwater wellbore services agreement

Archer Ltd. subsidiary, Wellbore Fishing & Rental Tools (WFR), has been awarded a frame agreement to provide fishing and thru tubing fishing services to an unnamed deepwater operator in the US Gulf of Mexico.

The estimated value of the contract’s firm three-year period is $30 million, with options for two one-year extensions that would raise the value to $50 million.

Archer entered into an agreement Oct. 30, 2024, to acquire US-based WFR. The company provides well technology, specializing in fishing operations in the oil and gas sector. These operations include multiple activities during the well life cycle, including the removal of stuck equipment, pipe, completion, downhole tools, casing and liners for intervention as well as workover and P&A operations.