Hamilton, Bermuda (September 24, 2025)

Archer Limited ("Archer") has entered into an agreement to acquire Premium Oilfield Services, LLC ("Premium"), a well-established US well service provider within fishing and P&A related services. Premium has a first-class workforce with an excellent service reputation with major operators. Archer and Premium's complimentary client base represents more than 80% of the estimated $15 billion spend in deepwater P&A and decommissioning in the Gulf of America up to 2040.   

The acquisition will enable meaningful direct cost and capex synergies. Most notably, Archer will acquire a broad portfolio of well-maintained fishing equipment with an estimated replacement value of $35-40 million, which will give material third party rental savings.

Total consideration for the acquisition is $20 million, which will be financed through a contemplated private placement (see separate announcement). The acquisition is expected to close shortly after completion of the contemplated private placement. Completion of the transaction is subject to customary closing conditions, including a financing condition.

Highly accretive

The acquisition is highly accretive with payback of around 2 years, and proforma EV/EBITDA of around 2.5x including synergies. The transaction is estimated to improve Archer's annual EBITDA by about 5% and the annual cash contribution by 8-10% (pro-forma, post synergies).  Further, it will strengthen Archer's foundation for increased shareholder returns and continued deleveraging, in line with our capital allocation strategy.

M&A track record

The acquisition adds to Archer's established M&A track record. Since the start of 2023, Archer has invested ~$90 million in accretive bolt-on M&A transactions, and the acquired companies have delivered around $30 million in EBITDA over the last 12 months (pro-forma), implying a multiple of ~3x EV/EBITDA. Archer will continue to look for accretive and synergetic bolt-on acquisition targets.

An updated company presentation will be made available on the Company's website.

For further details, please contact:

Dag Skindlo, Chief Executive Officer | Mobile: +47 982 26 624 | Email: dag.skindlo@archerwell.com

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

This information is considered to be inside information pursuant to the EU Market Abuse Regulation and was published by Joachim Houeland, Manager Treasury and Investor Relations of the Company, on the date and time provided herein.

Important information

Matters discussed in this announcement may constitute forward-looking statements. Forward-looking statements are statements that are not historical facts and may be identified by words such as "believe", "expect", "anticipate", "strategy", "intends", "estimate", "will", "may", "continue", "should" and similar expressions. Any forward-looking statements in this release are based upon various assumptions, many of which are based, in turn, upon further assumptions. Such assumptions are inherently subject to significant known and unknown risks, uncertainties, contingencies and other important factors which are difficult or impossible to predict. Such risks, uncertainties, contingencies and other important factors could cause actual events to differ materially from the expectations expressed or implied in this release by such forward-looking statements. The Company does not make any guarantee that the assumptions underlying any forward-looking statements in this announcement are free from errors nor does it accept any responsibility for the future accuracy of the opinions expressed in this announcement or any obligation to update or revise the statements in this announcement to reflect subsequent events. You should not place undue reliance on any forward-looking statements in this announcement. The information, opinions and forward-looking statements contained in this announcement speak only as at its date, and are subject to change without notice. The Company does not undertake any obligation to review, update, confirm, or to release publicly any revisions to any forward-looking statements to reflect events that occur or circumstances that arise in relation to the content of this announcement.