Archer has announced the successful extension of its frame agreement with Equinor for the provision of P&A solutions (TCP services), fishing and downhole mechanical isolation services. The contract extension is for a period of two years and has an estimated value of NOK 700 million.

The renewed agreement reinforces Archer's long-standing relationship with Equinor and underscores the company's continued commitment to delivering high -quality, reliable well services across the Norwegian Continental Shelf.

Under the terms of the extension, Archer will continue to provide a comprehensive suite of well services, leveraging its technical expertise, operational efficiency, and focus on safety to support Equinor's ongoing and future fishing services and well abandonment activities.

Nicholas Pantin, EVP of Archer, commented: 'We are very pleased to secure this contract extension with Equinor. This agreement is strategically important for Archer, as it strengthens our position as a trusted well services and P&A provider on the Norwegian Continental Shelf and globally. It also reflects the confidence Equinor places in our capabilities, our people, and our commitment to delivering safe and efficient operations. We look forward to continuing our collaboration and supporting Equinor in maximizing value from their assets.' 

This contract extension further solidifies Archer's backlog and enhances the company's visibility for the coming years.

Original announcement link

Source: Archer