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John Fredriksen’s Well Services Company will work for Equinor in the North Sea for five years.
John Fredriksen is the controlling owner of Archer through platform company Seadrill and investment company Hemen Holding.
Kalnins Ints / X02120
Archer, which is listed on Oslo Børs, has secured a five-year contract with oil and gas giant Equinor, according to a statement Tuesday morning.
The contract involves the delivery of integrated fixed telephony services in the North Sea, in partnership with Welltec Oilfield Services and Schlumberger Norway.
Under the current operating plan, the total estimated turnover of the contract is around NOK 2.5 billion, apparently.
– With this contract, Archer and its partners demonstrate the business advantage and technical advantage of our strategic alliance, says Archer CEO Dag Skindlo in the report.
– We look forward to expanding our fixed line operations for Equinor, in close collaboration with the alliance partners, he adds.
Wireline is a technology for lowering equipment or measuring devices to oil or gas wells using cables. The purpose may be well maintenance or reservoir survey.
In the past three months, Archer’s stock has risen 92 percent to a price of just over four crowns on the Oslo Stock Exchange.
At the close of business on Monday, the company has a market value of NOK 606 million.
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