Archer to Complete DeepWell Buy in 'Next Few Days'

Oilfield services company Archer is set to complete the previously announced acquisition of rival DeepWell.

"The completion of the acquisition [of DeepWell ] was conditional on obtaining necessary regulatory approval. Such approval was granted today by the Norwegian Competition Authority," Archer said Monday.

"Following the approval, the transaction is expected to close over the next few days," the company said.

As previously reported, Archer agreed to buy DeepWell for  NOK 177 million (around $21,1 million).

DeepWell provides wireline and downhole services to oil companies on the Norwegian Continental Shelf (NCS). Headquartered in Karmøy Norway, DeepWell employed approximately 200 people and had a revenue of NOK 360 million ($43,87 million) in 2020.

"DeepWell commands one of the most modern wireline unit fleets on the NCS and holds a strategic long-term contract in the light well intervention market," Archer said announcing the deal back in May.