Archer

Investor Presentation • Nov 4, 2025

Archer

Disclaimer

Cautionary Statement Regarding Forward-Looking Statements

In addition to historical information, this presentation contains statements relating to our future business and/or results. These statements include certain projections and business trends that are "forward-looking." All statements, other than statements of historical fact, are statements that could be deemed forward-looking statements, including statements preceded by, followed by or that include the words "estimate," pro forma numbers, "plan," project," "forecast," "intend," "expect," "predict," "anticipate," "believe," "think," "view," "seek," "target," "goal" or similar expressions; any projections of earnings, revenues, expenses, synergies, margins or other financial items; any statements of the plans, strategies and objectives of management for future operations, including integration and any potential restructuring plans; any statements concerning proposed new products, services, developments or industry rankings; any statements regarding future economic conditions or performance; any statements of belief; and any statements of assumptions underlying any of the foregoing. Financials figures presented for 2025 are unaudited.

Forward-looking statements do not guarantee future performance and involve risks and uncertainties. Actual results may differ materially from projected results due to certain risks and uncertainties. Further information about these risks and uncertainties are set forth in our most recent annual report for the year ending December 31, 2024. These forward-looking statements are made only as of the date of this press release. We do not undertake any obligation to update or revise the forward-looking statements, whether as a result of new information, future events or otherwise.

The forward-looking statements in this report are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, management's examination of historical operating trends, data contained in our records and other data available from Fourth parties. Although we believe that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies, which are impossible to predict and are beyond our control, we cannot assure you that we will achieve or accomplish these expectations, beliefs or projections.

Revenue

EBITDA

\$m \$m

Cash contribution Leverage ratio

\$m

Q3 Highlights – continued growth

• Revenue of \$339.3 million, up 1% YOY
• Adjusted EBITDA of \$40.2 million, up 11% YOY
• EBITDA of \$38.4 million, up 10% YOY
• Distribution to shareholders of \$5.5 million in Q3
• Acquired Premium Oilfield Services
• Raised \$20m in private placement to fund acquisition

Subsequent events

• Approved \$6.1m distribution to be paid to shareholders in Q4¹

Q3-24 Q3-25

0.62 NOK per share

Archer's EBITDA remains resilient throughout the market cycles

'23

'24

'25G

'18 '19 '20 '21 '22

'17

¹ Average reported adj. EBITDA of Halliburton, Weatherford, Baker Hughes OFSE segment, SLB, Expro. Source: Public company reports

Archer to distribute \$6.1 million to shareholders in Q4 (~11% yield)

Payout per share: NOK 0.62 per share

Total distribution: Approx. \$6.1 million

Payment date: On or around 14th of November

Planned frequency: Quarterly

• ✓ Archer's announced shareholder return program initiated with distributions of about \$5.5million in Q2 and Q3
• ✓ \$6.1 million approved for shareholders distribution in Q4
• ✓ Target to increase cash distribution to shareholders over time, in line with growth in earnings

Q4 cash distribution Archer with industry leading direct yield

Shareholder program yields in industry¹

¹ Per 31.10.25. Yield of US-based peers based on forward annual dividend yield plus share buyback yield, as reported by Morningstar. Peer sample include Odfjell Technology, SLB, Halliburton, Weatherford, H&P, Baker Hughes, Expro. Source: Morningstar Inc.

Acquired a complimentary well services business in the growing Gulf of America

• Well-established service company within fishing and P&A related services, focused on the Gulf of America
• Solid reputation and long customer relations with major operators, complimentary to Archer client base
• Experienced team of about 80 employees
• Large and well-maintained equipment portfolio
• Material cost and capex synergies to be realized post-acquisition

Premium Oilfield Services description Growing P&A market in the Gulf of America

Offshore decom expenditures in deepwater Gulf of America (\$bn)¹

Archer or Premium client

Accretive acquisition to strengthen Archer's EBITDA and cash flow

Key investment attributes¹

EBITDA and cash contribution to increase by about 5% and 8-10% respectively ^I

II Accretive acquisition of ~2.5x EV/EBITDA

III Payback period of around ~2 years

Equipment purchased at discount compared to estimated replacement value of \$35-40m IV

Acquisition supports increased shareholder distribution and deleveraging over time ^V

Impact on pro forma key metrics¹

Cash Contribution PF '25E

1 Based on full year financials including estimated annual cost and capex synergies

8

Strong demand in recent equity transaction

• ✓ Successful transaction
• ✓ Strong commitment from main shareholders
• ✓ Broader investor base
• ✓ Enhanced free float and liquidity

Private placement and secondary sale Share ownership before and after transaction

• Legacy shareholder Paratus exited through the secondary sale process, with its main shareholders Hemen Holding and Lodbrok Capital subscribing for Archer shares directly
• Hemen Holding increased direct ownership from 21.5% to 30.6%, continuing the long-term support to Archer
• Strong commitment from existing investors
• Free float increased from 55% to 69%

Platform Operations

Platform Drilling contracted rigs [# of rigs]

Financials

• Total revenue flat from previous quarter, operational revenue up \$17 million related to high activity for platform drilling
• EBITDA of \$17.6 million is \$0.9 million down from previous quarter, and up \$1.3 million from the same quarter last year.

• The strong EBITDA results in Q2 and Q3 is linked to the modular drilling rigs activity

• Platform Drilling had a quarter of high activity and strong performance

• Successful start up of P&A operations for our lighter P&A unit in Norway
• Equinor's pending sale to Prio of the Peregrino field could impact our drilling contract for two platforms in Brazil in 2026

Well Services

Financials

• Revenue of \$89.1 million, is 11% higher than Q3 2024, and a 7% increase from previous quarter on the back of higher reimbursable revenue
• EBITDA of \$14.0 million represents a 19% increase compared to same period last year and a \$1.1 million reduction from previous quarter.

• EBITDA margin excl. reimbursable revenue of 20.5 % vs 19.2% same quarter last year

• High activity across service lines in Norway

• UK recorded weaker results on the back of historic low drilling and intervention activity
• US activity remain muted

Land Drilling

Number of active Archer rigs

Financials

• Revenue in the quarter of \$62.7 million reflects the reduced activity in the south of Argentina
• EBITDA of \$4.9m reflects activity after rightsizing of the organization following the reduced operations in the south of Argentina

• Adjusted EBITDA of \$5.7 million, is down from \$9.9 million last year, based on reduction in drilling activity

• Overall rig count in Argentina is down by 27% since January 2025¹. We expect drilling activity to be flat throughout 2025 and to increase in 2026

• PAE renewed two drilling contracts in Vaca Muerta for an additional period of two years

Renewable Services

Financials

• Revenue in the quarter of \$33.4 million is in-line with previous quarter
• EBITDA in the quarter of \$4.5 million, up from \$3.0 million reported last quarter

• Strong results in geothermal partly offset by losses incurred in floating offshore wind segment

• High activity and utilization of rigs in geothermal segment

• High seasonal activity for wind and offshore services in Vertikal
• Fabrication of floating substructure for Total is delayed and will likely be finalized in H1 2026

Key takeaways

• Continued strong EBITDA growth
• Acquired Premium Oilfield Services in the US
• Raising \$20m in private placement
• IV Cash distribution to shareholders at ~11% yield

Appendix

Strong rationale to acquire Premium Oilfield Services

Becoming the clear market leader in fishing in the GoA

Strong customer coverage with major operators, complimentary to Archer client base

rationale

• Strategic ³ Material cost and capex synergy savings
• Well-maintained excess fishing equipment purchased at a discount

Expanding offering to deepwater pipe recovery services and proprietary whipstocks

Accretive transaction in line with prior acquisitions

Successful track record of accretive acquisitions

Premium acquisition to contribute strongly for further value creation

Archer maintain focus on value-creative M&A initiatives

Acquisitions last years¹

Key financials

* Q2 25 Q3 25

300

Q3 24 Q4 24 Q1 25

^* Increase in NIBD driven by make whole fee on old bond and fees related to refinancing

⁰⁵ Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 13.2

Archer's capital allocation strategy

Strong balance sheet and healthy debt levels

• Target a long-term leverage ratio of 1.5-2.0x
• Maintain solid liquidity at all times
• Aim to reduce overall cost of capital in the long-term

Capex maintained at moderate levels

• Targeting total capex of 3-4% of revenue over time
• Focus on growth investments with high financial returns (30-50%)
• Self-funded capex program in Argentina

• Disciplined strategy, with selective accretive M&A
• Targeting synergetic and cash generating bolt-on acquisitions with high financial returns (30- 50%)

• Regular and sustainable shareholder return program
• Quarterly cash distributions of \$5.5m in Q2 and Q3 '25
• Target to increase cash distributions over time, in line with growth in earnings