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2021-06-10

Archer Limited: Archer receives extension notification from Pan American Energy LLC for drilling services contract in Argentina

Hamilton, Bermuda (June 10, 2021)

Archer Limited ("Archer") announces that Pan American Energy LLC ("Pan American") has provided a two year extension notification for Archer's drilling, workover and pulling services contract for Pan American's Cerro Dragon field in the Golfo San Jorge basin in southern Argentina. Pan American has the flexibility to adjust the level of activity up or down over the contract term.  The total estimated value of the contract extension, based on current activity level, is expected to be USD 200 million, subject to actual activity level, services provided, and final contract terms which are to be negotiated.

Dag Skindlo, CEO of Archer, commented, "Pan American is a leading player in the oil and gas industry in Argentina and this contract extension reflects their confidence in Archer's ability to deliver safe and cost-effective operations in Argentina."

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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