Hamilton, Bermuda (August 29, 2012)

Second Quarter Highlights

·         Second quarter revenue of $555.0 million, Year-to-date revenue of $1.1 billion.

·         Second quarter EBITDA of $70.9 million, Year-to-date EBITDA of $138.1 million.

·         Net loss for the quarter of $7.8 million, Year to date net income of $7.2 million.

·         Second quarter operational cash flow of $114.8 million, Year to date operational cash flow of $134.5 million.

·         Net interest bearing debt of $1,087.0 million at June 30, 2012

In connection with the earnings release, a conference call will be held at 13:00 London  time  (14:00  Oslo  time)  on Wednesday August 29, 2012 by Fredrik Halvorsen, Vice Chairman and  Chief Executive Officer,  Christoph Bausch, Chief Financial  Officer and EVP,  and Lars Bethuelsen,  Senior Vice President M&A and IR.

For information on how to attend the conference call, information is found on our webpage www.archerwell.com.

Questions should be directed to:

Fredrik Halvorsen, Chief Executive Officer and Deputy Chairman

Christoph Bausch, Chief Financial Officer

Lars Bethuelsen, Senior Vice-President, M&A and Investor Relations

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