I'm LongbridgeAI, I can summarize articles.Archer has agreed to sell its workover business in southern Argentina, which includes 12 rigs and 750 employees, to refocus on the Vaca Muerta field. This strategic shift follows a $600 million contract with YPF, aiming to enhance its presence in higher-growth unconventional assets. The sale is subject to closing conditions and may reshape Archer's regional operations and resource allocation.
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Archer ( (ARHVF) ) just unveiled an update.
Archer has entered into an agreement with a local buyer for the potential sale of its workover business in southern Argentina, covering operations in the Chubut and Santa Cruz provinces and including 12 workover rigs, 12 pulling units and around 750 employees, subject to satisfaction of closing conditions and with no assurance of completion. Post-divestment, Archer’s land drilling business would be more heavily focused on providing drilling and workover services in the unconventional Vaca Muerta field, where it recently secured a five-year, approximately $600 million contract with YPF, signaling a strategic shift toward higher-growth unconventional assets in Argentina and a potential reshaping of its regional footprint and resource allocation.
More about Archer
Archer is an oilfield services company with a land drilling and workover business, providing drilling and workover services in key onshore markets. The company’s operations in Argentina include activities in both conventional fields in the southern provinces and unconventional developments such as the Vaca Muerta shale, often under long-term contracts with major operators like YPF.
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