Hamilton, Bermuda (January 24, 2024)

Archer is pleased to announce that its subsidiary in Argentina, has been awarded a total of USD 125 million of additional drilling services to Pan American.

One contract is a 2.5-year extension, with improved commercial terms, for the three drilling rigs operating in Pan American's Cerro Dragon Field. The contract extension has a value of approximately USD 100 million and runs until the fourth quarter of 2027.

The other contract is for one additional drilling rig in Vaca Muerta. This contract has a value of USD 25 million over two years. The rig will mobilize in the first quarter 2024.

"Due to the economic instability, Argentina is challenging from an ownership perspective. However, the oil and gas activity in the country is good, and the new political leadership has expressed a clear intent to enhance drilling and production activities. These new contract awards significantly enhance the visibility and profitability of our local operation, and we believe this over time will result in further value creation for Archer's shareholders," says Dag Skindlo, CEO of Archer.

"Pan American is a leading player in the oil and gas industry in Argentina and this contract extension reflects their confidence in Archer's ability to deliver safe and cost-effective operations. This partnership reflects our dedication to excellence, safety, and sustainability in every facet of our operations. We are excited about the opportunity to continue supporting Pan American with high quality and efficient drilling services in the years to come," says Gerardo Molinaro, Vice President Archer Land Drilling.

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.