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Oslo Stock Exchange-listed oil services company Archer has won a multi-year contract extension with Norway’s state-owned energy giant Equinor for work on the Norwegian Continental Shelf (NCS).
Archer has secured a three-year contract extension with Equinor for the provision of wireline and intervention services in Norway, building on the integrated wireline contract originally awarded in 2021, under which the firm, together with its alliance partners, has delivered services across the Norwegian operator’s key assets.
While the original agreement included optional extension periods of three times two years, the company explains that the current award represents a firm three-year extension, providing continued operational continuity and visibility.
Dag Skindlo , Chief Executive Officer of Archer, commented: “This contract extension reflects the strong and long-standing relationship we have built with Equinor. We are pleased to continue supporting Equinor’s operations and consider this agreement strategically important for Archer.
“It provides long-term visibility to our business, reinforces the strength of our alliance model, and demonstrates the trust placed in our people, technology, and service quality. ”
The extension represents a total contract value of approximately NOK 3 billion ($324 million), with around half attributed to Archer and the remainder allocated to alliance partners.
“ The agreement reinforces Archer’s position as a trusted provider of advanced well services, supporting Equinor’s operations through the continued delivery of high-quality wireline and intervention solutions, contributing to safe, efficient, and optimized well performance ,” elaborated Archer.
“ The contract will continue to leverage Archer’s integrated service offering alongside its alliance partners, delivering innovative and cost-efficient wireline and intervention services aligned with Equinor’s operational objectives. ”
This extension follows the firm’s announcement of a three-year contract extension for the provision of wireline services under a long-term frame agreement with an unnamed company it described as a major operator.