February 11, 2013

Reference is made to the notification dated February 8, 2013 regarding the completion of a private placement in Archer Limited (the “Company”, OSE: ARCHER).   

Hemen Holding Limited (“Hemen”) has today been allocated 15,208,000 shares in the private placement of Archer Limited. The shares were acquired at price USD 1.20 per share.  Furthermore, Hemen will receive 416,658 shares in Archer as compensation for underwriting parts of the private placement.

The allocation of shares is conditional on the Company’s shareholders resolving to increase the Company’s authorized share capital and to reduce the par value of the Company’s authorized and issued shares at the special general meeting to be held on February 13, 2013.

Following this purchase and the receipt of the underwriting commission, Hemen will be the owner of 42,604,658 shares in the Company, corresponding to 7.36% of the total number of outstanding shares in the Company.