Archer has announced the signing of a new five-year contract with YPF for the provision of drilling services in Vaca Muerta, Argentina.

The contract, with an estimated value of $600 million, covers the provision and operation of seven advanced drilling rigs and marks a significant step forward in both companies’ ongoing collaboration to deliver safe, efficient, and technologically advanced drilling operations in the Vaca Muerta region.

Under the terms of the agreement, Archer will provide and operate seven drilling rigs, equipped with integrated Managed Pressure Drilling (MPD) systems.

Two of these rigs will be leased internationally, bringing additional drilling capacity to Argentina. In addition to the firm five-year term, the contract includes a two-year extension option.

“We are proud that YPF, through this important award, once again demonstrates its confidence in our ability to deliver operational excellence,” said Dag Skindlo, CEO of Archer. “The contract will strengthen our market position in the region and contribute positively to revenue visibility and profitability over the coming years, ultimately translating into shareholder value.”

Gerardo Molinaro, EVP of Land Drilling at Archer, added: “YPF is the leading player in Argentina’s Oil & Gas industry, the signing of this new contract makes us proud while reaffirming our commitment to excellence in every aspect of our operations. We look forward to continuing our successful partnership with YPF on its most strategic projects.” -TradeArabia News Service