Jan 8, 2026
Equinor broadens Archer’s responsibilities for plug and abandonment of 30 subsea wells.
Norwegian state-owned energy firm Equinor has granted a multi-year integrated contract to oil services company Archer for the plug and abandonment (P&A) of 30 subsea wells, with possible extensions to other projects within Equinor's portfolio.
This contract builds on the planning scope awarded to Archer in March 2025 and now encompasses complete planning and service execution for P&A operations.
The firm contract duration is three years, with two additional two-year options, and the total estimated contract value is up to $140 million for the 30 subsea wells. It is designed to allow for extensions to other P&A projects in Equinor’s portfolio.
About 50% of the contract value pertains to services provided by Archer’s alliance partners.
The comprehensive P&A program includes planning, project management, well and subsurface engineering from the Archer Elemental joint venture, and execution services such as wireline, fishing and remedial operations, downhole mechanical isolation, cementing, fluids, and mudlogging.
"We are honored by this contract signing, which enhances our long-standing relationship with Equinor and supports the safe, efficient, high-quality, and innovative P&A operations. This award highlights our expertise in subsea well P&A planning and execution. We are proud to continue and expand our collaboration with Equinor," stated Nicholas Pantin, EVP Well Services at Archer.
Additionally, Archer has announced that Derek Mathieson has joined the company’s Board of Directors as of January 7.
Mathieson has previously held various senior executive roles at Baker Hughes, including chief technology and marketing officer, chief strategy officer, and president of Western Hemisphere Operations. Since retiring from full-time executive positions, he has been involved as chair and non-executive director for several technology and energy companies in the UK.
This contract builds on the planning scope awarded to Archer in March 2025 and now encompasses complete planning and service execution for P&A operations.
The firm contract duration is three years, with two additional two-year options, and the total estimated contract value is up to $140 million for the 30 subsea wells. It is designed to allow for extensions to other P&A projects in Equinor’s portfolio.
About 50% of the contract value pertains to services provided by Archer’s alliance partners.
The comprehensive P&A program includes planning, project management, well and subsurface engineering from the Archer Elemental joint venture, and execution services such as wireline, fishing and remedial operations, downhole mechanical isolation, cementing, fluids, and mudlogging.
"We are honored by this contract signing, which enhances our long-standing relationship with Equinor and supports the safe, efficient, high-quality, and innovative P&A operations. This award highlights our expertise in subsea well P&A planning and execution. We are proud to continue and expand our collaboration with Equinor," stated Nicholas Pantin, EVP Well Services at Archer.
Additionally, Archer has announced that Derek Mathieson has joined the company’s Board of Directors as of January 7.
Mathieson has previously held various senior executive roles at Baker Hughes, including chief technology and marketing officer, chief strategy officer, and president of Western Hemisphere Operations. Since retiring from full-time executive positions, he has been involved as chair and non-executive director for several technology and energy companies in the UK.