Hamilton, Bermuda (March 12, 2024)

Archer is pleased to announce the award of a platform drilling contract with Trident Energy do Brasil (part of the wider Trident Energy Group). The contract has an initial estimated value of USD$20 million over the firm 2-year period. The contract includes an additional 1-year option and further options at mutual agreement thereafter. This new award supports Archer's growth in the Brazilian market and underscores our commitment to high-quality, innovative solutions in the energy industry. Trident Energy, a key player in the Brazilian energy sector, has chosen Archer as its partner for well interventions and platform drilling services. This partnership signifies a mutual commitment to excellence, safety, and operational efficiency. Archer's proven track record aligns with Trident Energy's strategic objectives in Brazil.

Archer will provide comprehensive platform drilling services, including well interventions for regulatory requirements, workover and drilling operations, well maintenance and drilling facilities engineering, to enhance Trident Energy's offshore assets in Brazil. The platform drilling services are set to commence during second quarter this year, initially on the Pampo PP1 platform, which follows a period of rig reactivation and recertification managed through Archer's Platform Operations group. Archer is dedicated to complying with all regulatory requirements and meeting and exceeding project timelines while maintaining the highest standards of quality and safety.

Commenting on this announcement, Dag Skindlo, CEO of Archer, said, "We are pleased to be chosen by Trident Energy as their partner for their drilling program. We look forward to a successful collaboration with Trident Energy and are confident in our ability to contribute to the success of their offshore operations.

This contract builds on our continued growth as we continue to strengthen our position in the growing energy market in Brazil.  Our legacy in Brazil stretches back to 2010, when we commenced our work for Equinor on the Peregrino fields, followed by the successful establishment and growth of our well services division over the last few years. We are excited about the Brazilian market and how our core services offering can support the broad spectrum of client well programs in Brazil."

For additional information please contact:

Espen Joranger, Chief Financial Officer | Mobile: +47 982 06 812 | Email: espen.joranger@archerwell.com

Joachim Houeland, Manager Treasury & Investor Relations | Mobile: +47 482 78 748 | Email: joachim.houeland@archerwell.com

This information is subject of the disclosure requirements acc. to §5-12 vphl (Norwegian Securities Trading Act)

Established in 2016, Trident Energy is an international oil and gas group specializing in the redevelopment and rejuvenation of midlife producing assets. It currently operates and produces in two countries- Equatorial Guinea, where it acquired assets in 2017, and Brazil, where it acquired assets in 2020. Trident Energy's operations and strategy of unlocking existing value in established assets are supported by its two largest shareholders, leading private equity firms - Warburg Pincus and Quantum Energy Partners,

trident-energy.com