Archer

Archer Limited: Cancellation of subsequent offering

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR

INDIRECTLY, IN OR INTO AUSTRALIA, CANADA, HONG KONG, JAPAN OR THE UNITED STATES,

OR ANY OTHER JURISDICTION IN WHICH THE RELEASE, PUBLICATION OR DISTRIBUTION

WOULD BE UNLAWFUL. THIS ANNOUNCEMENT DOES NOT CONSTITUTE AN OFFER OF ANY OF THE

SECURITIES DESCRIBED HEREIN.

Hamilton, Bermuda - 15 October 2025.

Reference is made to the stock exchange announcements published by Archer

Limited (the "Company") on 25 September 2025 regarding the successful completion

of a private placement of new shares in the Company (the "Private Placement")

and a secondary sale of existing shares in the Company.

As a consequence of the Private Placement, the Company communicated an intention

to carry out a subsequent offering of up to 2,212,000 new shares in the Company

(the "Subsequent Offering") at a price per share of NOK 22.50, which is

identical to the price per share in the Private Placement (the "Subscription

Price"), directed towards certain eligible shareholders in the Company,

depending on, among others, the prevailing market price and the traded volume of

the shares in the Company on the Oslo Stock Exchange following completion of the

Private Placement.

Following such communication, approx. 2.2 million shares (i.e. approx. the size

of the potential Subsequent Offering) have traded at or below the Subscription

Price (with a volume-weighted average price per share for this volume of NOK

21.9652) on the Oslo Stock Exchange. Accordingly, any shareholder wishing to

reduce the dilutive effect of the Private Placement has had sufficient

opportunity to purchase shares in the market at prices at or below the

Subscription Price. Additionally, the closing price per share on the last

trading day (15 October 2025) on the Oslo Stock Exchange was NOK 20.85, which is

below the Subscription Price.

On this background, the Company has today decided not to proceed with the

Subsequent Offering.

For more information, please contact:

Espen Joranger / Chief Financial Officer, Mobile: +47 982 06 812, Email:

Joachim Houeland / Manager Treasury and Investor Relations, Mobile: +47 482

This information is subject to the disclosure requirements pursuant to section 5

-12 of the Norwegian Securities Trading Act.

AI Terminal