Hamilton, Bermuda (January 30, 2025)

Archer Limited (the "Company" and together with its subsidiaries, the "Group") has mandated Arctic Securities, DNB Markets and Pareto Securities, as Joint Bookrunners, Sparebank 1 Markets as Joint Lead Manager and Fearnley Securities as Co-Managers, to arrange a series of fixed income investor meetings commencing January 30, 2025.

A new 5-year USD 400 million senior secured bond issue by the Company's subsidiary Archer Norge AS may follow, subject to inter alia, market conditions. Net proceeds from the contemplated bond issue will be used to refinance existing debt of the Group and for general corporate purposes.

In conjunction with the contemplated bond issue, the Company will establish a USD 75 million revolving credit facility and USD 15 million guarantee facility, both of which will rank super senior to the bonds and is subject to final documentation. The super senior facilities will be provided by DNB Bank ASA and SpareBank 1 Sør-Norge ASA.

For additional information, 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

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

Additional information about the Company can be found at:

https://www.archerwell.com/

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Important information:

These materials do not constitute or form a part of any offer of securities for sale or a solicitation of an offer to purchase securities of Archer Limited in the United States or any other jurisdiction. The securities of the Company may not be offered or sold in the United States absent registration or an exemption from registration under the U.S. Securities Act of 1933, as amended (the "U.S. Securities Act"). The securities of the Company have not been, and will not be, registered under the U.S. Securities Act. Any sale in the United States of the securities mentioned in this communication will be made solely to "qualified institutional buyers" as defined in Rule 144A under the U.S. Securities Act and "major U.S. institutional investors" as defined in SEC Rule 15a-6 under the U.S. Securities Exchange Act of 1934. No public offering of the securities will be made in the United States.

In any EEA Member State, this communication is only addressed to and is only directed at qualified investors in that Member State within the meaning of the EU Prospectus Regulation or other investors pursuant to applicable exemptions from preparing a prospectus pursuant to the EU Prospectus Regulation. The expression "EU Prospectus Regulation" means Regulation (EU) 2017/1129 of the European Parliament and of the Council of 14 June 2017 (together with any applicable implementing measures in any Member State).

In the United Kingdom, this communication is only addressed to and is only directed at Qualified Investors who (i) are investment professionals falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (as amended) (the "Order") or (ii) are persons falling within Article 49(2)(a) to (d) of the Order (high net worth companies, unincorporated associations, etc.) (all such persons together being referred to as "Relevant Persons".