Stavanger, Norway (February 16, 2022)

Archer has been awarded a two-year contract extension for platform drilling services as Equinor exercises the first of three two-year extension options following the original four-year contract.  The extension will commence on October 1, 2022 in direct continuation of the current contract.

The extension covers all the rigs which Archer is currently the incumbent contractor for, which include Statfjord A, B and C, Gullfaks A, B and C, Grane, Njord, Sleipner A, Snorre A and B, and Visund.

Dag Skindlo, CEO of Archer, commented:

“We are delighted to continue our operations for Equinor in the North Sea for an additional 2 years. We have over time shown safe and strong operational performance.  Archer is dedicated to further develop our OneArcher operating model to provide Equinor with safe, efficient and cost-effective solutions while contributing to both Archer’s and Equinor’s ESG roadmap.”

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