Archer is withdrawing from offshore wind engineering, procurement and construction (EPC) work and considering selling some or all of Archer Wind following commercial difficulties on the Culzean floating wind pilot, Splash247 reported. The Norwegian offshore services group announced the move with its third-quarter results, alongside a temporary halt to shareholder distributions.
The company linked the uncertainty to disputed variation orders with the project client and a separate claim against a subcontractor. According to Splash247, Archer has finished the principal project deliveries, but talks over material variations have taken longer than anticipated. Offshore commissioning remains under way. The client is responsible for tow-out and commissioning, with Archer supplying support.
The pilot comprises a 3MW floating turbine roughly 2 km from TotalEnergies’ Culzean gas platform in the UK North Sea, more than 200 km off Scotland. Using an Ocergy modular semi-submersible foundation, the installation is designed to meet around 20% of the platform’s electricity requirements and cut its dependence on gas turbines. Archer Wind won its first contract for the pilot from TotalEnergies in August 2024, covering the floating foundation and associated project execution.
Archer’s net interest-bearing debt rose to approximately $525m at the end of September, compared with $435m at the close of 2025. Splash247 attributed the increase to delayed commercial settlements and investment in growth. Financing restrictions associated with the current leverage level triggered the suspension of distributions, which the board intends to reconsider in early 2027.
Third-quarter revenue totalled $267.6m and reported EBITDA was $44.2m, including a $3m effect from a Norwegian offshore strike. Backlog, counting options, reached $3.8bn. Chief executive Dag Skindlo said Archer would concentrate on service-based activities rather than take on additional wind EPC projects. Its priorities are recurring well services, platform operations and drilling work. The group retained its full-year financial guidance despite the pressure Culzean has placed on cash.