Ian Forsyth, 13th April 2012
Global oilfield service provider Archer yesterday announced the acquisition of an Aberdeen company.
It has paid an undisclosed sum for X-it Energy Services.
Archer’s vice-president for oil tools, Rolf Egil Haland, said: “This acquisition further increases our ability to serve our clients by adding additional unique well service tools to our line of specialised well-integrity and well-performance products and services. The acquisition is in line with our strategy to invest in our well services business, with specific focus on international expansion as well as enhancing our technology portfolio.
“X-it has excellent technology and we plan to rapidly develop upon X-it’s product portfolio and its emerging business.”
X-it, which was founded in 2002, only has a handful of employees.
The sole shareholder is director Michael Neff.
Last week, Archer revealed it had won a major contract with Shell in the North Sea, which will lead to nearly 100 jobs.
It was been awarded a five-year deal to provide integrated plug and abandon services across the Brent field operations.