Hamilton, Bermuda (December 9, 2019)

Archer Limited announces that effective from the 1st December 2020, Equinor Brasil Oleo e Gas Ltda. have confirmed a new 4 year contract for the provision of Platform Drilling Management Services on their Peregrino Field Development on the Peregrino A and B platforms respectively. The new four year contract awarded will be in direct continuation of Archer’s current contract, and will further extend Archer’s continuous relationship with Equinor in Brazil to over 15 years since Peregrino A drilling start-up of operations in 2009. The contract award ensures Archer’s continued operations for Equinor in Brazil until November 30th, 2024.

“We are delighted to have been awarded this 4 year contract award. It is positive news for Archer and is recognition of the hard work and commitment from all our personnel who have consistently maintained a safe environment on the Equinor Peregrino operations, whilst ensuring a high level of operational and technical efficiency.” said Kenny Dey, VP Platform Drilling. “We look forward to extending our working relationship with Equinor in the continued development of the Peregrino field through the duration of the current contract term and beyond”.

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