Archer

Oil & Gas

North east oil and lubricant seller nets two new contracts

An Aberdeen-based oil and lubricant firm yesterday said its ability to deliver savings had helped it strike two new deals, one of which is worth nearly £800,000. Normac Oils will supply its products to oilfield services firm Archer and collective members of the North East Procurement Organisation (NEPO) under separate agreements. Normac declined to say which particular client had stumped up the £800,000.

Oil & Gas

UK North Sea takes the brunt of Archer job cull

More than two-fifths of the 1,000 job losses anticipated at international oilfield service firm Archer will be in the UK, it said yesterday. Archer, which is listed on the Oslo stock exchange but run from Hamilton, Bermuda, said it had already laid off about 135 workers at its offices in Blackburn, Aberdeenshire. A spokesman added: “Based on conversations with our clients, we anticipate that there will be an additional 290 UK onshore and offshore personnel released by the end of the second quarter in order to align with scheduled activities.”

Oil & Gas

Archer to reduce its workforce by 1,000 employees

Archer is to reduce its workforce by around 1,000 employees as it looks to make cost savings during the oil price decline. The company said the move accounted for around 11% of its staff as it also looks to review its compensation, bonus and benefits plans. It said work would continue with suppliers and subcontractors to reduce its cost base to “maintain a base level of profitability and generate positive cash flow.” Archer has also reviewed its capital expenditure for 2015, which are estimated at $165million. This includes its investments in new land rigs destined for Argentina amounting to $70million.

Oil & Gas

Exclusive: Archer to reduce jobs in North Sea operations

Drilling company Archer is in consultation with its staff about redundancies on a number of its North Sea operations. The move will affect offshore employees on the Shell Brent Alpha, Bravo and Delta as well as staff known as the “roving crew” according to documents seen by Energy Voice. In a letter to staff, Archer said the redundancies had been caused by the oil major Shell’s announcement it would be ceasing operations on its Brent Delta Rig.

Oil & Gas

Talisman terminates Archer rig contract early

Drilling company Archer has received an early termination notice from Talisman Sinopec Energy UK for its modular rig. The Archer Emerald had been contracted out by the company in a two-year contract deal worth $96million and was scheduled to begin in the first quarter of 2016.