Archer - Capital/Financing Update 2026

Archer secures two-year contract extension with Equinor valued at NOK 700 million

Hamilton, Bermuda (May 4, 2026)

Archer is pleased to announce the successful extension of its frame agreement

with Equinor for the provision of P&A solutions (TCP services), fishing and

downhole mechanical isolation services. The contract extension is for a period

of two years and has an estimated value of NOK 700 million.

The renewed agreement reinforces Archer's long-standing relationship with

Equinor and underscores the company's continued commitment to delivering high

-quality, reliable well services across the Norwegian Continental Shelf.

Under the terms of the extension, Archer will continue to provide a

comprehensive suite of well services, leveraging its technical expertise,

operational efficiency, and focus on safety to support Equinor's ongoing and

future fishing services and well abandonment activities.

Nicholas Pantin, EVP of Archer, commented:

"We are very pleased to secure this contract extension with Equinor. This

agreement is strategically important for Archer, as it strengthens our position

as a trusted well services and P&A provider on the Norwegian Continental Shelf

and globally. It also reflects the confidence Equinor places in our

capabilities, our people, and our commitment to delivering safe and efficient

operations. We look forward to continuing our collaboration and supporting

Equinor in maximizing value from their assets."

This contract extension further solidifies Archer's backlog and enhances the

company's visibility for the coming years.

For further information, please contact:

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

Joachim Houeland, Manager Treasury and Investor Relations, Mobile: +47 482 78

This information is subject to the disclosure requirements according to Section

5-12 of the Norwegian Securities Trading Act.

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