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2015-09-21

Archer Limited : Minutes from the 2015 Annual General Meeting

Hamilton, Bermuda (September 21, 2015)

Archer Limited (the "Company
") advises that the 2015 Annual General Meeting of the Shareholders of the
Company was held on September 18, 2015 at 10:00 a.m. at the Elbow Beach
Hotel, 60 South Shore Road, Paget PG04, Bermuda. The audited consolidated
financial statements for Archer Limited for the year ended December 31, 2014
were presented to the Meeting.

In addition, the following resolutions were passed:

1) To re-elect Alf Ragnar Løvdal as a Director of the Company.

2) To re-elect Kate Blankenship as a Director of the Company.

3) To re-elect Harald Thorstein as a Director of the Company.

4) To re-elect Ørjan Svanevik as a Director of the Company.

5) To re-elect Giovanni Dell'Orto as a Director of the Company.

6) To re-elect John Reynolds as a Director of the Company.

7) That the Capital Reorganisation of the Company as set out in the Proxy
Statement be and is hereby approved.

8) To re-appoint PricewaterhouseCoopers LLP as auditors and to authorized
the Directors to determine their remuneration.

9) That the remuneration payable to the Company's Board of Directors of a
total amount of fees not to exceed US$500,000.00 be approved for the year
ended December 31, 2015.

In addition, at a Board Meeting held following the Annual General Meeting of
the Shareholders of the Company, Mr. Ørjan Svanevik was appointed Chairman of
the Board of Directors of the Company in place of Mr. John Reynolds.

It should be noted that the Annual General Meeting approved the share
consolidation of the Company's authorized and issued shares in the proportion
10:1 (the "Reverse Split") in accordance with the board's proposal.

The Company will purchase fractional shares resulting from the Reverse Split
of the issued shares, for cancellation for a cash payment equal to the
closing price of the Companies shares on the Oslo Stock Exchange at the end
of trading on September 25, 2015.

The shareholders further resolved during the annual meeting, a reduction of
the issued and paid-up share capital of the Company, with the par value of
each of the issued shares of the Company being reduced by US$9.99, from
US$10.00 to US$0.01 ("Capital Reduction").

Upon the Reverse Split and the Capital Reduction taking effect, the
authorized, but unissued, shares of the Company will be sub-divided and the
authorized share capital will be reduced. The Company will following this
have an authorized share capital of US$ 10,000,000, consisting of
1,000,000,000 shares of par value US$ 0.01 each, of which maximum 57,915,978
shares of par value US$ 0.01 would be in issue and fully paid or credited as
fully paid. The final number of shares in issuance will depend on the number
of fractional shares that will be purchased by the Company for cancelation as
set out above.

The Reverse Split and reduction of the authorized and issued share capital is
expected to be recorded by filings made with the Registrar of Companies in
Bermuda following the end of trading on the Oslo Stock Exchange on 25
September 2015, and subject to such registration the Company's issued shares
will be traded "ex Reverse Split" and with the reduced par value from and
including 28 September 2015. The record date will be 29 September 2015,

Payments for fractional shares are expected to be distributed on or about
October 6, 2015 and the final number of shares in issuance following
completion of the Reverse Split is expected to be announced on or about
September 30, 2015.

CONTACTS

For Investors:

Joachim Houeland
Corporate Treasurer and Investor Relations
(+47) 51 30 80 00
Joachim.Houeland@archerwell.com
For Media:

Dustin Childers
Director of Marketing
+1 713 856 4222
dchilders@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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This announcement is distributed by NASDAQ OMX Corporate Solutions on behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Archer Limited via Globenewswire

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