Archer Wins Statoil Rig Contract

Oilfield services supplier Archer announced Monday it has secured a contract with Statoil for the permanent plugging and abandonment of 12 gas wells on the Heimdal field in the Norwegian North Sea. The firm said the work will use its modular rig, the Archer Topaz.

The total contract value, including the startup, operating and decommissioning phases, is estimated at USD 115 million. Operations are expected to begin in the second half of 2014 and the contract duration is 34 months with four option periods of three months each.

Carrying out plugging and abandonment operations on a modular rig is a first for Archer and the industry as a whole. The firm said it represents a major advancement for the industry and will see safer, faster, more efficient plugging and abandonment operations with fewer people on board.
Archer said its Archer Topaz rig has been developed to meet the specific requirements of the Heimdal contract which includes flexibility for the client as regards quick installation and removal times.

Kjetil Bjørnson, Archer's general manager for the North Sea region, commented in a company statement:

"This modular rig contract for Archer in the North Sea represents an important strategic move in the direction of offshore plugging and abandonment solutions. We are excited to secure our first modular rig contract in the North Sea, which is the market the modular rig was designed for."

The rig will be operated by Statoil along with its partners Total, Centrica and Petoro.

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