Perenco UK Ltd. let a 5-year contract to Archer Ltd. for the provision of coiled tubing and pumping services in the United Kingdom.
The contract contains two options of 1 year each and began May 3, in direct continuation Archer’s previous contract with the operator, the service provider said in a release May 25.
Based on expected activity for the committed term, Archer estimates potential contract value up to $50 million.
Archer acquired the Baker Hughes UK coiled tubing business early this year and assumed operations on Apr. 4.