Archer to acquire coil tubing and pumping business from Baker Hughes.

Archer, a drilling oil and gas wells company, agreed to acquire coil tubing and pumping business from Baker Hughes, a petroleum business company. Financial terms were not disclosed. “We are excited to announce this agreement. The coil tubing and pumping business fits well within our overall strategy to grow our drilling and well services in the UK and to further grow our integrated P&A service offering. Archer has over time developed and invested in both well P&A services and technologies, and we are proud to offer the broadest and the most advanced P&A service offering within the industry. We believe the acquisition will represent an attractive long-term investment with low risk and will be accretive to Archers’ key financial ratios,” Dag Skindlo, Archer CEO.