Private equity fund manager Wexford Capital is selling oilfield services company Great White Energy Services in a cash and debt-free deal valued at $742 million. Archer, a global oilfield services company, is buying Great White through its wholly owned subsidiary.

Archer's financing for the acquisition is completely guaranteed by its two biggest shareholders, Seadrill and Lime Rock Partners. Archer will complete a private placement for about 30 million shares before closing the Great White deal.

Click here for the release from Archer.