Archer Ltd. entered into an agreement Oct. 30 to acquire Wellbore Fishing & Rental Tools LLC (WFR).
US-based WFR 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.
Archers says this acquisition will strengthen its presence in the Gulf of Mexico and position the company for the estimated $18 billion deepwater P&A market emerging in the Gulf.
The acquisition is scheduled to close shortly after Archer's Special General Meeting on Nov. 13.
Earlier this week, Elemental Energies and Archer announced a joint venture (JV) agreement aimed at delivering integrated plugging and abandonment (P&A) services to global decommissioning projects. The partners say they will create a focused P&A well engineering team that will develop standards and best practices for P&A design and operations across all well types.
The JV will combine Archer's advanced well services technology and delivery capabilities with Elemental Energies' technical subsurface, well engineering and project management expertise. The JV plans to provide end-to-end well abandonment solutions for both platform and subsea decommissioning projects.
