Reference is made to the stock exchange notice from Archer Limited (Archer) in connection with the private placement of new shares. Hemen Holding Limited (Hemen), a company indirectly controlled by trusts established by John Fredriksen for the benefit of his immediate family, has been allocated 12,600,000 shares in the private placement. The subscription price per share is NOK 10.00. At the same time, Hemen has sold 4,914,890 shares and entered into a TRS agreement with exposure to 4,914,890 shares in Archer. The expiration date of the TRS agreement is 16 May 2017 and the exercise price in the agreement is NOK 10.041 per share.

Upon completion of the private placement Hemen will own 12,119,675 shares in Archer, representing approximately 8.53 % of the issued shares and voting rights in the company. In addition Hemen holds a TRS agreement with an underlying exposure to 4,914,890 shares in Archer with expiration date 16 May 2017 and TRS price NOK 10.041 per share, and a TRS agreement with an underlying exposure to 2,395,300 shares in Archer with expiration date 6 March 2017 and TRS price NOK 7.038 per share.

The above calculations are made based on a total of 142,164,966 outstanding shares in Archer upon completion of the private placement.

Ørjan Svanevik is Chairman of the board of Archer and a related party to Hemen.