HAMILTON, Bermuda—Archer has signed definitive agreements with Baker Hughes to acquire the latter’s coil tubing and pumping (CT&P) business in the UK.
The business includes four CT&P packages with supporting equipment. Archer will also take on an associated 51 employees in the UK, with contracts related to the CT&P business to follow.
CEO Dag Skindlo said, "The coil tubing and pumping business fits well within our overall strategy to grow our drilling and well services in the UK and to further grow our integrated P&A service offering."
Closing of the transaction is subject to the UK Competition and Markets Authority’s final approval.
