Offshore services provider Archer Limited has secured a long-term frame agreement with oil firm ConocoPhillips for the provision of wireline services on the Norwegian Continental Shelf.
Archer said on Wednesday that this latest deal makes it the largest mechanical intervention company on the Norwegian Continental Shelf.
According to the company, it has an estimated total contract backlog of NOK 3.5 billion or around $412.6 million.
It is worth noting that the frame agreement between Archer and ConocoPhillips was arranged between two subsidiaries – Archer AS and ConocoPhillips Scandinavia AS.
As for the contract, it is for an initial five-year period starting in the second quarter of 2021 and includes additional optional periods. The company did not provide any additional details regarding the deal or the value of the contract.
Archer has provided wireline intervention and cased hole logging services for ConocoPhillips since 2009. The previous deal for those services on the Norwegian Continental Shelf between the two was signed in April 2016 .
At the time, a five-year contract was awarded to Archer following a competitive tender process. Work under the deal started on 1 May 2016 and its end date was set to be 30 April 2021. The deal in 2016 was awarded a bit early as the previous contract was set to expire in January 2017.