Archer to acquire Wellbore Fishing & Rental Tools for $51.5m.

Archer, a global energy service company, to acquire Wellbore Fishing & Rental Tools, a US based well technology player focused on fishing operation in the oil and gas sector, for $51.5m, "The acquisition of WFR is well aligned with Archer’s strategy and the transaction yields robust financial returns. This acquisition will strengthen Archer’s presence in the Gulf of Mexico and position us for the estimated $18 billion deep water P&A market emerging in the Gulf of Mexico. It will also build upon Archer’s relationship with global majors in the region," Archer statement.