Archer makes offer for Baker Hughes’ UK coiled tubing division
Jan. 18, 2023
Archer has signed a term sheet to potentially acquire Baker Hughes’ coiled tubing and pumping business in the UK.
Courtesy Baker Hughes
Baker provides concentric coiled tubing services, among other CT offerings.
Offshore staff
STAVANGER, Norway—Archer has signed a term sheet to potentially acquire Baker Hughes’ coiled tubing and pumping business in the UK.
Baker Hughes is divesting this activity as a part of a remedy package offered to the UK’s Competition and Markets Authority. The latter is conducting a public consultation process with Archer and one other potential purchaser, which is expected to finish by Feb. 1.
If Baker Hughes selects Archer as its preferred purchaser, the business would fit Archer’s strategy of growing its drilling and well services in the UK and expanding its integrated plugging and abandonment service offer.
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