More than $1.5 billion in contracts for drilling services were awarded to companies for work in Norwegian waters, energy major Statoil. Company awarded contracts to energy services companies for work ranging from maintenance to drilling on 18 of Statoil`s fixed platforms on the Norwegian continental shelf.

Drilling services company Archer Ltd. received the bulk of the four-year contracts for work offshore Norway. Combined, Archer took in about half of the total contract value. Services companies were among those hardest hit by a market downturn that saw the price of crude oil drop below $30 per barrel in early 2016. Archer reported fourth quarter revenue of $223.7 million, a 5 percent increase over the previous quarter.