Oilfield services company Archer has signed a definitive purchase and sale agreement to
acquire all the operating companies of Great White Energy Services for $742m.
The transaction, which is scheduled to close in the third quarter of 2011, will be funded by debt financing guaranteed by shareholders Seadrill and Lime Rock Partners.
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Archer will close a private placement for approximately 30 million shares prior to closing the Great White acquisition.
Great White provides pressure control including coil tubing and snubbing services, directional drilling, and pressure pumping.
