Archer

M&A Activity • Sep 24, 2025

Archer to acquire US well service provider

Archer to acquire US well service provider

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.