Hamilton, Bermuda (December 3, 2012)

Third quarter 2012 highlights

• Third quarter revenue of $551.9 million.
• Third quarter EBITDA of $53.9 million including $9.0 million of exceptional charges.
• Third quarter impairment charge of $338.7 million
• Net loss for the quarter of $341.3 million.
• Third quarter operational cash outflow of $47.6 million.
• Net interest bearing debt of $1,189.3 million at September 30, 2012

In connection with the earnings release, a conference call will be held at 13:00 London time (14:00 Oslo time) on Monday December 3, 2012.

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 pursuant to section 5-12 of the Norwegian Securities Trading Act.