Romar-Abrado offers advanced milling and SWARF handling services to the global Plug and Abandonment ("P&A") market. Its combined approach and first-class operating knowledge provide innovative technologies through integrated milling and SWARF handling services to deliver permanent, verifiable, and emission-free well barriers and highly predictable alternative zonal isolation P&A solutions. Romar-Abrado employs 50 people with revenue of approximately
Dag Skindlo, CEO of Archer:
"We are pleased to announce the investment in Romar-Abrado, continuing our growth within our well services segment. The acquisition is another value creating investment which expands our capabilities within workover operations and well abandonment. Romar-Abrado fits well with our strategy for brownfield and P&A. We expect activity to increase within these markets going forward as fundamentals and outlook remain strong. In addition, the transaction will contribute to the acceleration of our international expansion within the well services segment."
"We are pleased to welcome the Romar-Abrado team to Archer. The Romar-Abrado organization will further strengthen our team and product portfolio. Oiltools has over the last few years developed a heavy intervention service offering with broad applications within slot recovery and well P&A. Our services have been developed around steel retrieval and steel recovery as well as establishing barriers through plugs and annular remediation. Technologies around steel removal through milling and section milling will allow Archer to offer end to end solutions. The acquisition of Romar-Abrado gives us a significant leap forward and will contribute to future developments.
We are looking forward to advancing our product and solution offering together with the Romar-Abrado team, as we seek to bring more value to our clients' workover and intervention programs."
"We are happy to join forces with Archer to further develop and broaden our products and services in Romar-Abrado. Archer is a great fit for the Romar-Abrado business with their global footprint and service offering within workover and abandonment."
This acquisition is accretive to Archers' key financial ratios. Based on this acquisition and current trading, Archer increases the financial guidance for 2023. Our guidance for 2023 EBITDA is lifted to 20-25% above 2022 levels.
Read more about Romar-Abrado on the company's website: www.romar-abrado.com
For additional information, please contact:
Dag Skindlo, Chief Executive Officer, Mobile:+4798226624, Email: dag.skindlo@archerwell.com
Joachim Houeland, Manager Treasury and Investor Relations, Mobile: +47 482 78 748, Email: joachim.houeland@archerwell.com
This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.
https://news.cision.com/archer-limited/r/archer-limited--archer-acquires-p-a-specialist-romar-abrado-and-increases-guidance-for-2023,c3695008
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