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2022-09-23

Archer Limited: Archer secures long term Platform Drilling contract in the UK with estimated value of $50 million over the firm contract period

Hamilton, Bermuda (September 22, 2022)

Archer has secured a five year contract for the provision of platform drilling operations and maintenance services on seven installations with an operator in the UK .  The new contract will commence November 1st, 2022, in direct continuation of the current contract and contains options for an additional four years. The scope of the contract include platform drilling operations and maintenance services, intervention support activities, well services, facilities engineering support and equipment rental.

"We are extremely proud that following a competitive tender exercise our client has elected to continue their contract relationship with Archer," Kenny Dey, VP Platform Drilling Archer, said. "This long-term commitment reflects our client's confidence in our ability to maintain safe operations whilst delivering improvements to both the drilling facilities and to the platform drilling and well intervention operations on their assets, whilst endorsing our employees' hard work and dedication in the support of these assets over the past seven years. We firmly believe this contract win is a result of Archer's continued commitment to provide our clients with high service quality and to deliver solutions which improve well delivery, integrity and performance".

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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