Archer acquires Gray Wireline in USDm 157.5 transaction
Seawell Limited (OSE: SEAW) has yesterday announced the acquisition of Gray Wireline from Centre Partners for USD 157.5 million on a debt and cash free basis. Gray Wireline positions Seawell to become a complete cased hole wireline solutions provider in the US land market. In addition, Gray will serve as a distribution network for TecWel and C6-Technologies products and services in the US
USD 158m - 2010


Gray Wireline is the largest independent cased hole wireline company in the US. The company commands one of the youngest fleets in the industry with a total of 110 wireline units. Gray operates in 18 district locations providing the company access to 85% of all active US drilling rigs and generates a balanced revenue stream from liquids and gas. The company is a leading provider of a full range of cased hole wireline services in the Permian basin and in unconventional plays such as the Barnett, Marcellus, Haynesville, Bakken, Eagle Ford and Woodford shales. The company operates 6 offshore units from Louisiana.

The company’s senior executives average over 25 years of experience in wireline operations and services and lead a solid core of regional and district managers, engineers and operators with a total of 390 employees.

Seawell is a company providing well services within platform drilling, engineering and well intervention. The services include production drilling and well maintenance services on several platforms, concept studies, drilling facility upgrading and modifications as well as mechanical and electrical wireline services. The company employs more than 3,200 skilled and experienced people and operates offices in Stavanger, Bergen, Aberdeen, Newcastle, Houston, Esbjerg and joint ventures in Abu Dhabi and Kuala Lumpur.

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