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2022-08-31

Archer Limited: Archer awarded a new 6-year service contract with an estimated contract value of NOK 2 billion

Hamilton, Bermuda (August 31, 2022)

Archer has been awarded a Drill Pipe Pool Services contract in Norway.  Services to be delivered under the contract includes management, handling, maintenance, storage, repair and purchase of drill pipe and equipment for and on behalf of the customer.  The scope of work will be delivered by Archer in cooperation with subcontractors. 

The 6-year contract will commence December 1st, 2022 and has two optional extension periods of two years each.

Eirik Windegaard, Country Manager Platform Drilling in Archer comments:

"The award of this important service contract is a testament to the high quality of services and innovative solutions offered by our rentals specialists in Norway.  We are extremely proud to have been selected for such a large scope and we are fully committed to and aligned with the customers IOx digitalization vision and drive for optimization of equipment and resources.  This contract will create synergies with our platform drilling operations and further strengthen our North Sea position."

For additional information, please contact:

Espen Joranger, Chief Financial Officer, Mobile: +47 982 06 812, Email: espen.joranger@archerwell.com

Joachim Houeland, Manager Treasury and Investor Relations, Mobile: +47 482 78 748, Email: joachim.houeland@archerwell.com

This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.

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