Porter Hedges Advises Global Oilfield Services Company Archer Limited on Acquisition of Romar-Abrado
Porter Hedges served as U.S. counsel to Archer Limited (“Archer”) on the acquisition of Romar-Abrado. The acquisition is based on an enterprise value of US$8 million, plus certain possible earn-out payments based on financial performance throughout 2023-2025. This acquisition was conducted on a debt free basis and financed by cash on hand.
Romar-Abrado offers advanced milling and SWARF handling services to the global Plug & Abandonment (“P&A”) market. Its combined approach and operating knowledge provide innovative technologies through integrated milling and SWARF handling services to deliver permanent, verifiable, and emission-free well barriers and highly predictable alternative zonal isolation P&A solutions.
Archer is a global oil services company with a heritage in drilling and well services that stretch back over 40 years. Employing more than 4,500 people operating out of more than 13 office locations in 32 countries worldwide, from drilling services, well integrity & intervention, plug & abandonment to decommissioning, Archer is focused on safely delivering the highest quality services and products to the drilling and well service markets.
For additional details, see the Archer press release here.