Hamilton, Bermuda (March 8, 2023)

Reference is made to the stock exchange announcement made by Archer Limited (the “Company”) on 7 March 2023 regarding the successful completion of a private placement (the “Private Placement“) of 1,040,000,000 new common shares in the Company raising gross proceeds of the NOK equivalent of USD 100 million. The Private Placement is divided in two separate tranches, where the first tranche (“Tranche 1“) consists of 618,800,000 new shares (the “Tranche 1 Shares“) and the second tranche consists of the remaining 421,200,000 new shares in the Private Placement.

The Tranche 1 Shares have now been registered in Euronext Securities Oslo (being the Company’s branch register under Bermuda law) as duly issued. Following registration of the new share capital pertaining to the issuance of the Tranche 1 Shares, the Company’s issued share capital is USD 7,675,586.12 divided into 767,558,612 common shares, each with a nominal value of USD 0.01. The Tranche 1 Shares are placed on separate ISIN pending publication of the listing prospectus, after which the shares will be transferred to the ordinary ISIN of the Company.

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