Hamilton, Bermuda (November 16, 2022)

Reference is made to the press release on August 8, 2022, wherein Archer announced its acquisition of 50% of the shares in geothermal drilling company Iceland Drilling Company Ltd. (“Iceland Drilling”), subject to Icelandic competition authority approval.  We are pleased to announce that the transaction closed today, in accordance with previously communicated terms.

Following the closing of the transaction, Archer will own 50% of the shares in Iceland Drilling and Kaldbakur ehf. will own the other 50%.

Dag Skindlo, CEO of Archer Limited comments; “We look forward to further develop and expand Iceland Drilling, together with management and our industrial partner, Kaldbakur.”

About Iceland Drilling

Iceland Drilling is an international deep geothermal drilling and integrated well service company, with seven decades of experience and competence in both high and low temperature geothermal environments. Headquartered in Iceland, the company employs 130 people and has an annual revenue of approximately USD 40 million. Iceland Drilling has drilled more than 500 deep geothermal wells since 1970 and owns a modern fleet of hydraulic drilling rigs automated for safe and efficient operations. The company has a track-record from challenging remote and isolated locations, and is currently managing drilling operations in Iceland, Dominica, and New Zealand as well as seven smaller rigs for district heating projects in Iceland.

For additional information please contact:

Espen Joranger, Chief Financial Officer, Mobile: +47 982 06 812, Email: espen.joranger@archerwell.com

Joachim Houeland, Manager Treasury and Investor Relations, Mobile: +47 482 78 748, Email: joachim.houeland@archerwell.com

This information is subject of the disclosure requirements acc. to §5-12 vphl (Norwegian Securities Trading Act)