Archer Limited (OB:ARCH) signed a term sheet to acquire Coil tubing and pumping business from Baker Hughes Limited on January 17, 2023. Baker Hughes is divesting the CT&P business as a part of a remedy package offered to the UK Competition and Markets Authority. The CMA is undertaking a public consultation process with Archer and one other potential purchaser, which is expected to conclude by February 1, 2023. The contemplated transaction is subject to Archer being selected as the preferred purchaser by Baker Hughes, definitive agreements, final approval by the CMA, and Archer Board approval. As on February 8, 2023, Archer Limited have signed definitive agreements with Baker Hughes Limited to acquire its coil tubing and pumping business. As part of the transaction, Archer will take over a professional team of 51 employees in the UK, under a Transfer of Undertakings (Protection of Employment) ("TUPE")process. Customer contracts related to the CT&P business will follow the transaction. Closing of the transaction is subject to the UK Competition and Markets Authority's final approval and completion of the TUPE process. As of March 2, 2023 Archer is pleased to announce that the CMA has approved the Transaction and final closing will occur in early April 2023.

Archer Limited (OB:ARCH) completed the acquisition of Coil tubing and pumping business from Baker Hughes Limited for $7 million on April 3, 2023. The consideration for the acquisition comprises an initial installment of $1.5 million, which was paid in first quarter of 2023 and final settlement of $5.5 million which is due in first quarter of 2024.