Hamilton, Bermuda (June 28, 2013)

We refer to the press release dated May 22, 2013, which announced the agreement to sell the North American Rental and Tubular division.

Archer and Clearlake Capital completed the previously announced transaction on June 27, 2013.

The agreed upon all-cash transaction price was $244 million. The net proceeds exclusive of working capital adjustments, fees and funds in escrow are approximately $229 million. Archer will use the net proceeds to pay down outstanding balances on its credit facilities.

In connection with the divestiture Archer has agreed certain amendments to its credit facilities, including an increase in the NIBD/EBITDA covenant with its lending banks. Seadrill Limited has provided an additional guarantee of $ 100 million to support Archer’s existing bank facilities. Following these amendments, Archer expects to be compliant with all covenants under its loan agreement going forward.

The company will continue to streamline its operations in line with the strategy to simplify the structure, and reduce its net debt.

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