Hamilton, Bermuda (January 30, 2026)
Archer is pleased to announce that we have closed the transaction to sell our workover business in the south of Argentina, in the Provinces of Chubut and Santa Cruz, including 12 workover rigs, 12 pulling units and approximately 750 employees (the "Workover Business"). The Workover Business reported approximately USD 27 million in revenue in the last quarter of 2025. The divestment aligns with Archer's strategy to streamline its land drilling portfolio and concentrate on the growing business in Vaca Muerta. The parties have agreed to not disclose the purchase price.
Gerardo Molinaro, Archer VP of Land Drilling states: "We extend our sincere thanks to the employees who have delivered outstanding operational and safety performance over many years. We are confident they will benefit from joining an ownership group with an established presence in the region. We also appreciate and thank our clients and the union leadership for their support during our many years of operations in Chubut and Santa Cruz. For Archer, this divestment enables us to focus on the promising Vaca Muerta shale field, where we are growing and have secured a meaningful backlog with key operators."
Following the divestment, Archer's Land Drilling business unit will primarily operate drilling and workover services in the unconventional Vaca Muerta field, where we recently announced an estimated $600 million contract with YPF.
We will provide more information in the trading update scheduled for Monday 2nd of February.
For further 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 according to Section 5-12 of the Norwegian Securities Trading Act.