Norwegian state-owned energy company Equinor has awarded oil services company Archer with a multi-year integrated contract covering the plug and abandonment (P&A) of 30 subsea wells, with options for the extension to other such projects across Equinor’s portfolio.
The contract builds on the planning scope awarded to Archer in March 2025 and now includes full planning and service execution for P&A operations.
The firm contract term is three years, including two two-year options, with an estimated total contract value up to $140 million for the 30 subsea wells, and is structured to enable extensions to additional P&A projects across Equinor’s portfolio.
Approximately 50% of the contract value relates to services delivered by Archer’s alliance partners.
The fully integrated P&A program covers the planning scope, including project management, well and subsurface engineering, provided through the Archer Elemental joint venture, with the execution scope including wireline, fishing and remedial services, downhole mechanical isolation, P&A services, cementing, fluids, and mudlogging.
“We are honoured by the signing of this contract, which further strengthens our long-standing relationship with Equinor and supports safe, efficient, high-quality, and innovative P&A operations. The award further reflects our team’s expertise in subsea well P&A planning and execution. We are proud to continue and expand our collaboration for with Equinor,” said Nicholas Pantin, EVP Well Services at Archer.
In addition, Archer reported today, January 7, that Derek Mathieson had joined the company’s Board of Directors.
Mathieson held several senior executive positions at Baker Hughes, including chief technology and marketing officer, chief strategy officer, and president of Western Hemisphere Operations. Since retiring from full-time executive roles, he has served as chair and non-executive director of several UK-based technology and energy companies.
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