Archer has agreed to acquire an additional 10% of the shares in Iceland Drilling from its joint venture partner Kaldbakur for $2.5 million, settled in Archer limited shares, bringing Archer’s total ownership to 60%.
Iceland Drilling is a leader in high-temperature geothermal drilling, with offerings across renewable service segments such as deep drilling for electricity generation, wells for district heating and cooling, and wells for carbon storage. The company has close to 200 employees with its main operations currently in Iceland and the Philippines.