Archer has decided not to pursue further offshore wind engineering, procurement and construction (EPC) projects and is exploring strategic options for Archer Wind, including a partial or full divestment.
The decision follows delays in resolving commercial matters related to the Culzean offshore wind project, where the main project deliveries have been completed. Negotiations with the client over variation orders and a claim against a subcontractor remain unresolved and have taken longer than expected.
Archer said the outstanding matters contributed to an increase in net interest-bearing debt to approximately $525 million. Any recovery from the negotiations and claim would reduce the debt level accordingly.
