The contract is a fully integrated P&A project, covering the complete work scope, including a modular P&A rig, well services and well engineering. With over 45 years platform drilling experience in the UKCS, combined with the comprehensive portfolio in well services product lines, Archer is uniquely positioned in the industry to drive down cost and risk for P&A projects.
The Fulmar scope includes removal of the existing drilling facility and installation of one of our P&A rigs. In addition, we will deploy our broad P&A well services offering to reduce time and cost to plug each well. The scope of work will be delivered using cutting-edge technology, multiskilled crews and industry leading digital solutions in close collaboration with our partners. This new contract will commence immediately, and we expect integrated offshore P&A operations to commence in the second half of 2024 or early 2025.
Dag Skindlo, CEO of Archer comments:
"We are delighted that Repsol Sinopec has elected Archer and our fully integrated operational model for this Plug & Abandon (P&A) project. The delivery model with integrated drilling and well services, supported by partners, is a step change in how operators permanently plug and abandon oil and gas wells. Archer has worked strategically over several years to develop this fully integrated model and we are excited that Repsol Sinopec has chosen Archer as its partner.
The estimated value of this integrated contract stands at roughly
"We aim to deliver one of the
For additional information please contact:
Joachim Houeland, Manager Treasury and Investor Relations, Mobile: +47 482 78 748, Email: joachim.houeland@archerwell.com
This information is subject of the disclosure requirements acc. to §5-12 vphl (Norwegian Securities Trading Act)
https://news.cision.com/archer-limited/r/archer-secures--165-million-repsol-sinopec-contract-for-p-a-decommissioning,c3818141
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