Hamilton Bermuda (July 28, 2020)

Reference is made to the announcement on May 3, 2020, by Quintana Energy Services Inc. (“QES”), whereby QES outlined its plan to merge with the Nasdaq listed U.S. onshore oilfield services company KLX Energy Services Holdings Inc. (“KLXE”) in an all-stock merger (the “Merger”).

On July 24, 2020 the shareholders in both KLXE and QES approved the Merger and the Merger closed on July 28, 2020 whereby shareholders in QES received 0.0969 shares in KLXE for each share held in QES.   Archer has received a total of 919,998 shares in KLXE, representing approximately 11.1% of the shares in KLXE.  KLXE will remain on Nasdaq with the ticker “KLXE”. 

KLXE and QES has through the Merger combined their services, establishing an industry-leading provider of asset-light oilfield solutions across the full well lifecycle including drilling, completing and production related products and services. Archer’s CEO Dag Skindlo will serve as Director on the KLXE Board. 

For further information about KLXE and the Merger please see details on KLXE:

https://investor.klxenergy.com/

Enquiries related to the transaction should be directed directly to KLXE.

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