Bermuda-based oils ervices provider Archer Ltd, through a wholly-owned subsidiary, has sealed a deal to buy all of Great White Energy Services’ operating companies for $742 million on a cash and debt free basis.Great White Energy Services, which was formed by Wexford Capital LP, provides pressure control including coil tubing and snubbing services, directional drilling, and pressure pumping including fracing and nitrogen services, and its operations are focused on the US onshore unconventional resource plays.The transaction is expected to close in the third quarter on expiration of the Hart-Scott-Rodino waiting period or its earlier termination. Archer’s financing for the transaction is fully guaranteed by its two largest shareholders, Bermuda-based Seadrill Ltd and Lime Rock Partners.The company will complete a private placement for approximately 30 million shares prior to closing the Great White acquisition. The issue price will be a minimum NOK 35 per share and the issue will be fully underwritten by Seadrill and Lime Rock.Archer has also received indicative proposals from its existing bank syndicate for long-term debt financing of up to $400 million and short-term bridge facilities. These facilities are expected, together with existing facilities and working capital, to fully finance the acquisition.