This should help calm anyone's nerves. Seadrill owns a stake in Archer.
Drilling services contractor Archer, backed by John Fredriksen’s Seadrill, has secured a $400 million deal to deliver five newbuild rigs for state-owned YPF’s bid to develop Argentina’s Neuquen shale play.
The contract, inked by local subsidiary DLS Argentina, covers an initial period of five years with an extension option for a further three years.
Oslo-listed Archer said it is currently in talks with lenders to gain financing for the newbuild project.
The company, in which Seadrill holds a dominant stake, already operates about 70 land rigs in Argentina and chief executive David King said the award “clearly establishes us as one of the largest service providers in the country”.
The deal marks a potentially lucrative boost for Archer, which has been struggling with losses from its North American land drilling business.