Johnston Carmichael supports Romar-Abrado on sale to Archer

Graham Alexander

Graham Alexander

Partner and Head of Corporate Finance

20 January 2023

The Corporate Finance team at Johnston Carmichael are pleased to have acted as lead adviser to the shareholders of Romar-Abrado regarding the sale to Archer (OSL:ARCH).

Romar-Abrado is an amalgamation of Romar International Limited and Abrado Inc. and specialises in providing magnetic separation and swarf handling services together with advanced milling services to the global Plugging and Abandonment (P&A) market.

Archer, publicly traded on the Oslo Stock Exchange, provides comprehensive drilling services, well integrity & intervention, P&A and decommissioning to its upstream oil and gas clients.

Johnston Carmichael have had a long-standing relationship with Romar-Abrado having advised the founding shareholders of Romar International as part of the initial investment by Energy Ventures IV LP in 2014.

It has therefore been exciting to contribute to the next phase of the Group’s evolution by identifying a partner in Archer, following an extensive marketing process, that will enable future growth potential to be realised whilst at the same time facilitating a full exit for the founding shareholders.

Graham Alexander, Partner and Head of Corporate Finance at Johnston Carmichael, said:

Romar-Abrado’s market leading and game-changing technologies focused on well services, P&A, and decommissioning are ideally positioned to benefit from strong underlying fundamentals driving these sub-sectors of the wider Energy Services market.

Becoming part of Archer is therefore a significant milestone in the evolution of Romar-Abrado and the additional resources, global footprint and combined management expertise provides a platform for continued growth and expansion into new markets. 

I have no doubt this will enable Romar-Abrado to build upon the legacy of technological innovation, operations excellence and first-class customer service instilled by the founding shareholders.

This transaction further enhances our credentials in Oilfield Services (OFS) following similarly successful exits for Solasense and Mosco SOP in the last 12 months.  We continue to see strong appetite for OFS technology as the industry adapts to the energy transition agenda with decommissioning being an important element of that.

We wish the combined entity every success for the future.

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