Oslo Stock Exchange-listed oil services company Archer is involved in negotiations to secure a multi-year plug and abandonment (P&A) assignment.
Archer has confirmed that it is engaged in advanced negotiations for a large contract for plug and abandonment services with an undisclosed company.
While the firm did not reveal any additional information at this stage, it did explain that the potential contract relates to a multi-year P&A scope involving drilling, compact workover unit, and well services.
“The parties are in an advanced stage of negotiations, and we expect the contract to be signed within a short timeline, however, there can be no assurance that a final agreement will be reached,” highlighted Archer.
These negotiations come weeks after the company obtained a multi-year contract extension with Equinor on the Norwegian Continental Shelf (NCS).