Archer Limited (ARCHER) 🛢

Dongchali · januar 26, 2024, 7:42am

Presentasjon kl 09.00, mulig vi får høre noe mer der. Evt om de tenker å spare på den opplysningen fram til Q4 framleggelse

Ihvertfall begrenset med nedside her og god rr nå, 5 positive meglerhus som jeg tenker kommer til å bli enda mer positive nå…

Spennende å høre hva Dag kommer opp med rundt spesielt Argentina og videre utsikter for P & A.

TekBot · februar 29, 2024, 6:31am

Archer Limited: 36% EBITDA-growth in 2023 and positive net income in the quarter

Hamilton, Bermuda (February 29, 2024)

Archer today releases the fourth quarter and preliminary full-year 2023
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financial report and reports positive net income of $8.5 million for the
quarter, in line with the trading update released on January 26, 2024.

Some highlights from the financial report:

· Revenue of $305 million and adjusted EBITDA of $33.4 million in Q4 2023, a
year-on-year increase of 15% and 14%, respectively.
· EBITDA grew by 36% in 2023, exceeding upper range of full-year guidance.
· Reduced leverage ratio to 2.9 at year-end 2023.
· Positive net income for the quarter of $8.5 million

Q4 2023 RESULTS

Archer delivered revenue of $305 million in the fourth quarter 2023, up 15% from
the same quarter last year ($264m). Adjusted EBITDA increased 14% to a record
high $33.4 million ($29m), while EBITDA was $31 million ($27m). EBIT in the
fourth quarter was $17.0 million ($13m), equivalent to an EBIT-margin of 5.5%
(4.9%). Net income for the quarter was $8.5 million ($16.4m), while adjusted
net income was $7.6 million ($1.4m).

FULL-YEAR 2023 RESULTS

Archer’s full-year 2023 revenue was of $1,169 million, an increase of 20% from
2022 ($970m). EBITDA was $116.8 million, up 36% year-on-year ($86m). EBIT was
$64.8 million, an increase of 121% from 2022 ($29.3m). Net loss for the year was
$28.1 million (net income $9.8m), while adjusted net income was $14.4 million
(net loss 11.8m).

Outlook 2024

Archer estimates 15-20% EBITDA growth in 2024 as well as further reduction of
leverage ratio to between 2.4 and 2.7 at year-end 2024.

“As outlined in our trading update, the market outlook for our operating
divisions remains positive, and we are well positioned to capitalize on this
growth. Deleveraging Archer will remain a key focus in order to create
additional financial flexibility and shareholder value for Archer in the coming
years,” concludes Dag Skindlo, CEO of Archer.

For additional information please contact:

Espen Joranger, Chief Financial Officer | Mobile: +47 982 06 812 | Email:
espen.joranger@archerwell.com

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

This information is subject of the disclosure requirements acc. to §5-12 vphl
(Norwegian Securities Trading Act)

Kilde

TekBot · mars 12, 2024, 2:29pm

Archer Limited: Archer secures additional platform drilling contract in Brazil with an initial estimated value of USD$20 million

Hamilton, Bermuda (March 12, 2024)

Archer is pleased to announce the award of a platform drilling contract with
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Trident Energy do Brasil (part of the wider Trident Energy Group). The contract
has an initial estimated value of USD$20 million over the firm 2-year period.
The contract includes an additional 1-year option and further options at mutual
agreement thereafter. This new award supports Archer’s growth in the Brazilian
market and underscores our commitment to high-quality, innovative solutions in
the energy industry. Trident Energy, a key player in the Brazilian energy
sector, has chosen Archer as its partner for well interventions and platform
drilling services. This partnership signifies a mutual commitment to excellence,
safety, and operational efficiency. Archer’s proven track record aligns with
Trident Energy’s strategic objectives in Brazil.

Archer will provide comprehensive platform drilling services, including well
interventions for regulatory requirements, workover and drilling operations,
well maintenance and drilling facilities engineering, to enhance Trident
Energy’s offshore assets in Brazil. The platform drilling services are set to
commence during second quarter this year, initially on the Pampo PP1 platform,
which follows a period of rig reactivation and recertification managed through
Archer’s Platform Operations group. Archer is dedicated to complying with all
regulatory requirements and meeting and exceeding project timelines while
maintaining the highest standards of quality and safety.

Commenting on this announcement, Dag Skindlo, CEO of Archer, said, "We are
pleased to be chosen by Trident Energy as their partner for their drilling
program. We look forward to a successful collaboration with Trident Energy and
are confident in our ability to contribute to the success of their offshore
operations.

This contract builds on our continued growth as we continue to strengthen our
position in the growing energy market in Brazil. Our legacy in Brazil stretches
back to 2010, when we commenced our work for Equinor on the Peregrino fields,
followed by the successful establishment and growth of our well services
division over the last few years. We are excited about the Brazilian market and
how our core services offering can support the broad spectrum of client well
programs in Brazil."

For additional information please contact:

Espen Joranger, Chief Financial Officer | Mobile: +47 982 06 812 | Email:
espen.joranger@archerwell.com

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

This information is subject of the disclosure requirements acc. to §5-12 vphl
(Norwegian Securities Trading Act)

Established in 2016, Trident Energy is an international oil and gas group
specializing in the redevelopment and rejuvenation of midlife producing assets.
It currently operates and produces in two countries- Equatorial Guinea, where it
acquired assets in 2017, and Brazil, where it acquired assets in 2020. Trident
Energy’s operations and strategy of unlocking existing value in established
assets are supported by its two largest shareholders, leading private equity
firms - Warburg Pincus and Quantum Energy Partners,

trident-energy.com

Kilde

TekBot · mars 13, 2024, 8:52pm

Archer Limited: Archer secures NOK 8 billion platform drilling contract with Equinor

Hamilton, Bermuda (March 13, 2024)

Archer has been awarded a four-year contract extension for platform drilling
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services for Equinor in Norway with an estimated contract value of NOK 8
billion.

“This is a large and important contract win for Archer. It provides us with
excellent activity level and visibility over the next four years,” says Dag
Skindlo, CEO of Archer.

Under the contract, Archer will provide platform drilling services to nine out
of Equinor’s 19 installations on the Norwegian continental shelf. Archer will
service Gullfaks A, B and C, Sleipner A, Snorre A and B, and Statfjord A, B and
C.

“Archer remains the largest platform drilling services provider for Equinor with
close to 50 percent of the platforms offshore Norway. This contract underlines
our ability to deliver safe and efficient platform drilling operations,” adds
Skindlo.

At year-end 2023, Archer’s order backlog stood at USD 1.7 million, equivalent to
approximately NOK 18 billion. The contract extension with Equinor, worth an
estimated NOK 8 billion, increases Archer’s order backlog with approximately 40
percent.

The extension will commence on October 1, 2024 in direct continuation of the
current contract. From now until October 1, 2024, Archer will operate under the
current Equinor contract, servicing 12 rigs on the Norwegian continental shelf.

As previously communicated, Archer estimates 15-20% EBITDA growth in 2024 as
well as further reduction of leverage ratio to between 2.4 and 2.7 at year-end
2024.

For additional information please contact:

Espen Joranger, Chief Financial Officer | Mobile: +47 982 06 812 | Email:
espen.joranger@archerwell.com

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

This information is subject of the disclosure requirements acc. to §5-12 vphl
(Norwegian Securities Trading Act)

Kilde

TekBot · mars 15, 2024, 12:02pm

Archer Limited: Archer acquires 65% of Vertikal Services AS and strengthens its engineering services portfolio

Hamilton, Bermuda (March 15, 2024)

Vertikal Service AS (“Vertikal”) is a Norwegian energy services company
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established in 2003. Based in Volda, Vertikal has 125 employees and provides
inspection, installation, and maintenance services to energy customers in the
MMO, drilling, offshore and onshore wind, and hydro segments. Vertikal performs
work using advanced industrial rope access techniques on complex structures such
as offshore and onshore wind turbines, hydropower stations, and offshore oil and
gas installations.

The consideration for the shares is a combination of NOK 25 million in cash and
the contribution of Archer’s offshore drilling facilities construction business
in Norway. The acquisition fits well with our strategy for smaller accretive and
synergetic bolt acquisitions and we estimate a payback of less than 3 years. The
remaining 35% of Vertikal will be owned by existing management and key
employees.

Dag Skindlo, CEO of Archer comments:

“We are excited to announce this agreement. Vertikal’s business aligns well with
Archer’s core oil and gas capabilities while opening avenues for growth in
renewable sectors such as wind and hydropower. We anticipate significant long
-term synergies and growth potential from the acquisition. I look forward to
collaborating with the Vertikal team to further develop the business and extend
a warm welcome to all employees joining the Archer group.”

Åsmund Vaage, of Vertikal Service AS comments:

“Through this strategic alliance, Vertikal Service will secure long-term
contracts within the oil and gas segment and together with the Archer team,
create a strong platform for further growth throughout our value chain. We are
excited to join forces and continue our development of renewable business within
hydro power and turbine services.”

Completion of the transaction is subject to customary closing conditions and
Norwegian Competition Authority approval.

For additional information please contact:

Espen Joranger, Chief Financial Officer | Mobile: +47 982 06 812 | Email:
espen.joranger@archerwell.com

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

Kilde

TekBot · mars 25, 2024, 11:57am

Archer Limited: Annual report and ESG report for 2023

TekBot · mars 26, 2024, 3:20pm

Archer Limited: Annual General Meeting 2024

TekBot · april 8, 2024, 8:36pm

Archer Limited: Notice of Annual General Meeting 2024

TekBot · april 23, 2024, 12:41pm

Financial calendar

TekBot · april 30, 2024, 6:47am

Archer Limited: Archer secures a 2-year contract extension worth USD 40 million

Hamilton Bermuda, (April 30, 2024)

Archer has been awarded a two-year contract extension for platform drilling
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services in the UK with an estimated contract value of USD 40 million. The
extension will commence 1[st] May 2024 in direct continuation of the current
contract. Over the next two years Archer will continue to deliver drilling
operations, maintenance and rig reactivation services for the customer.

Alexander Olsson, EVP Platform Operations in Archer comments: ‘‘We are delighted
that Archer was elected to continue the work for our client. This contract
extension reflects our client’s confidence in our ability to maintain safe and
efficient operations across their platforms. This extension is a testament to
the hard work and dedication of our personnel who have been longstanding in
support of both assets. We firmly believe this extension is a result of Archer’s
continual commitment to provide our clients with solutions to improve well
delivery, integrity and performance’’.

For additional information please contact:

Espen Joranger, Chief Financial Officer | Mobile: +47 982 06 812 | Email:
espen.joranger@archerwell.com

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

Kilde

TekBot · april 30, 2024, 7:10pm

Archer Limited - 2024 AGM Results Notification

Hamilton, Bermuda (April 30, 2024)

Archer Limited (the “Company”) advises that the 2024 Annual General Meeting of
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the Shareholders of the Company was held on April 30, 2024 at 12:30 hrs, at
Hamilton Princess and Beach Club, 76 Pitts Bay Road, Hamilton HMCX, Bermuda. The
audited consolidated financial statements for the Company for the year ended
December 31, 2023 were presented to the Meeting.

In addition, the following resolutions were passed:

To set the maximum number of Directors to be not more than eight.

To resolve that vacancies in the number of Directors be designated as casual
vacancies and that the Board of Directors be authorised to fill such vacancies
as and when it deems fit.

To re-elect Giovanni Dell’Orto as a Director of the Company.

To re-elect Peter Sharpe as a Director of the Company.

To re-elect James O’Shaughnessy as a Director of the Company.

To re-elect Jan Erik Klepsland as a Director of the Company.

To re-elect Richard Stables as a Director of the Company.

To re-appoint PricewaterhouseCoopers AS, as auditor and to authorize the
Directors to determine their remuneration.

To approve the remuneration of the Company’s Board of Directors of a total
amount of fees not to exceed US$600,000 for the year ended December 31, 2024.

Capital reorganisation.

The Board of Directors
Archer Limited

This information is subject of the disclosure requirements acc. to §5-12 vphl
(Norwegian Securities Trading Act)

Kilde

TekBot · mai 2, 2024, 12:58pm

Archer Limited: Invitation to First Quarter 2024 Earnings Release Call

Hamilton, Bermuda (May 2nd, 2024)

Archer Limited’s first quarter 2024 results are scheduled to be released on May
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7[th], 2024, before the start of trading on Oslo Stock Exchange. In connection
with the earnings release, a presentation will be held at 09:00 am CEST on May
7[th], 2024.

To follow the presentation, the following options are available:

A. Webcast

To register for the webcast please go to
Events Platform - Q4 (https://eur05.safelinks.protection.
outlook.com/?url=https%3A%2F%2Fwww.google.com%2Furl%3Fq%3Dhttps%3A%2F%2Fevents.q4
inc.com%2Fattendee%2F229675986%26sa%3DD%26source%3Dcalendar%26ust%3D1714900162235
189%26usg%3DAOvVaw3-AFDtsDSXP1VlQl
-Jfcor&data=05%7C02%7Cjoachim.houeland%40archerwell.com%7Cc824b9ba95b94dedbb9308d
c68fa8f13%7C7e09344361d34f25b10bb8e038ac2798%7C0%7C0%7C638500672553398617%7CUnkno
wn%7CTWFpbGZsb3d8eyJWIjoiMC4wLjAwMDAiLCJQIjoiV2luMzIiLCJBTiI6Ik1haWwiLCJXVCI6Mn0%
3D%7C0%7C%7C%7C&sdata=Fzmvi5lQDuZdEZHT69fI1TzVMbaxmfLZmlHbC9%2Bw6Hg%3D&reserved=0
)

B. Conference call

To access the call, which is open to the public, please dial in at the
participant telephone numbers listed below. Please call in 10 minutes prior to
the scheduled start time, and ask for the “Archer First Quarter 2024 Earnings
Release Call”

Participants dial-in:

· United Kingdom +44 20 3936 2999
· United States +1 646 787 9445
· Norway: +47 815 03 308
· Access code: 194230

The operator will ask for your name and company. Following the presentation
there will be a Q&A session. Information on how to ask questions will be given
at the beginning of the Q&A session.

Kilde

TekBot · mai 3, 2024, 11:46am

Archer Limited: Key Information Relating to the Reverse Share Split and Change of ISIN

Hamilton, Bermuda (May 3, 2024)

Please note the following key information for the reverse share split:
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· Reverse split ratio: twenty-five (25) old shares give one (1) new share
· Date on which the corporate action was made public: April 30, 2024
· Date of approval: April 30[th], 2024
· Last day including right: May 6[th], 2024
· Ex-date: May 7[th], 2024
· Record date: May 8[th], 2024

Following completion of the reverse share split, the par value of the Company’s
shares will be reduced from USD 0.25 to USD 0.01. This reduction will be
recorded on or about May 7[th], 2024. The reduction amount will be transferred
the Company’s contributed surplus account.

In connection with the reverse share split, Archer Limited’s shares will be
transferred to a new ISIN.

Please note the following key information for the change of ISIN:

· Issuer: Archer Limited
· Previous ISIN: BMG0451H1170
· New ISIN: BMG0451H2087
· Date of ISIN change: May 7[th], 2024

For additional information please contact:

Espen Joranger, Chief Financial Officer | Mobile: +47 982 06 812 | Email:
espen.joranger@archerwell.com

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

This information is subject to the disclosure requirements pursuant to section 5
-12 of the Norwegian Securities Trading Act

Kilde

TekBot · mai 7, 2024, 5:31am

Archer Limited: Continued strong financial performance in first quarter

Hamilton Bermuda (May 7th, 2024)

First Quarter 2024 Highlights:
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· Revenue of $308 million, up 16% YOY
· Adjusted EBITDA of $32.9 million, up 20% YOY
· EBITDA of $30.9 million, up 23% YOY
· Cash contribution of $21.8 million, up 39% YOY
· Grew backlog by 80% during the quarter, from USD 1.5 bn to 2.5 bn
· Improved adjusted net income in Q1 of $2.6 million compared to Q1 2023
· Leverage ratio reduced to 2.8 from 2.9 at year-end
· Completed the acquisition of 65% of the shares in Vertikal Service AS
· Executed share consolidation

CEO Dag Skindlo comments:

"I am pleased to report strong first-quarter financial results. We have
performed well across all segments, with a solid revenue increase
internationally. Increased activity and revenue resulted in an EBITDA growth of
23% from the same quarter last year. The first quarter underpins our ability to
execute on our strategy of international growth with margin expansion, and is
the direct result of the dedication and hard work of our team.

In the first quarter, Archer secured more than $1 billion in additional firm
backlog, with large contracts on the Norwegian shelf as well as in the UK,
Brazil, and Argentina. Consequently, Archer’s order backlog increased by 80% to
approximately $2.5 billion in the quarter, providing strong visibility for 2024
and beyond.

This provides visibility and stability while improving our growth outlook. Our
market view remains positive with our resilient cash flow profile and continued
growth. We will focus on reducing our financial leverage in the coming years,
adding financial flexibility and creating shareholder value,"

Archer maintains its estimate of 15-20% EBITDA growth in 2024 as well as a
further reduction of leverage ratio to between 2.4 and 2.7 at year-end 2024.

Subsequent event

Archer completed the acquisition of 65% of the shares in Vertikal Service AS
during May 2024. Vertikal Service AS provides inspection, installation, and
maintenance services to energy customers in the oil and gas, offshore and
onshore wind, and hydro power segments. The acquisition brings synergies for
Archer and opens up new avenues for growth.

Additionally, the company executed a share consolidation in May 2024, which
implies that 25 Archer shares are consolidated into one.

CONFERENCE CALL TODAY AT 09:00 CEST

Archer will host a conference call at 9:00 am CEST on May 7, 2024. To follow the
presentation, the following options are available:

A. Webcast

To register for the webcast please go to
Events Platform - Q4 (https://eur05.safelinks.protection.o
utlook.com
ts.q4inc.com%252Fattendee%252F229675986%26sa%3DD%26source%3Dcalendar%26usd%3D2%26
usg%3DAOvVaw0O86NjC6nQms77kZhYImEZ&data=05%7C02%7Cjoachim.houeland%40archerwell.c
om%7C495252d8dca94d6c12d208dc68f96fe8%7C7e09344361d34f25b10bb8e038ac2798%7C0%7C0%
7C638500667746435246%7CUnknown%7CTWFpbGZsb3d8eyJWIjoiMC4wLjAwMDAiLCJQIjoiV2luMzIi
LCJBTiI6Ik1haWwiLCJXVCI6Mn0%3D%7C0%7C%7C%7C&sdata=qaclgb0L1uCtENeE%2BQNKa82w%2Fnd
LeVnQYMKVxEjDQAw%3D&reserved=0)

B. Conference call

To access the call, which is open to the public, please dial in at the
participant telephone numbers listed below. Please call in 10 minutes prior to
the scheduled start time and ask for the “Archer First Quarter 2024 Earnings
Release Call”.

Participants dial-in:

· Norway: +47 815 03 308
· United Kingdom +44 20 3936 2999
· United States +1 646 787 9445
· Germany +49 32 221098334

· Access code: 194230

The operator will ask for your name and company. Following the presentation
there will be a Q&A session. Information on how to ask questions will be given
at the beginning of the Q&A session.

About Archer Limited:

Archer Limited is a leading global provider of drilling and well services,
offering a comprehensive range of solutions to the energy industry. With a focus
on innovation, safety, and customer satisfaction, Archer Limited is dedicated to
delivering superior results for its clients worldwide.

For more information, please visit
www.archerwell.com (http://www.archerwell.comwww) or contact:

Espen Joranger, Chief Financial Officer | Mobile: +47 982 06 812 | Email:
espen.joranger@archerwell.com

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

This information is subject of the disclosure requirements acc. to §5-12 vphl
(Norwegian Securities Trading Act)

Kilde

TekBot · mai 7, 2024, 6:02am

Archer Limited: Ex. reverse share split today

Hamilton, Bermuda (May 7, 2024)

Reference is made to the key date announcement published on 3 May 2024. The
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shares in Archer Limited trade ex the reverse share split today.

Issuer name: Archer Limited

Ex. date: May 7, 2024

Type of corporate action: reverse share split

Other information:

· Reverse split ratio; twenty-five (25) old shares give one (1) new share.
· New par value; USD 0.25 per share
· New ISIN: BMG0451H2087.

For additional information please contact:

Espen Joranger, Chief Financial Officer | Mobile: +47 982 06 812 | Email:
espen.joranger@archerwell.com

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

This information is subject to the disclosure requirements pursuant to section 5
-12 of the Norwegian Securities Trading Act

Kilde

TekBot · mai 10, 2024, 6:20am

Archer Limited: Registration of reverse share split

Hamilton, Bermuda (May 10, 2024)

Reference is made to the stock exchange announcement made by Archer Limited (the
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“Company”) (OSE: ARCH) on April 30, 2024, regarding the Company’s general
meeting resolving a reverse share split of the Company’s shares in the ratio
25:1.

The reverse share split has now been registered in Euronext Securities Oslo
(VPS). Following such registration, the share capital of the Company is USD
16,242,649.50 divided into 64,970,598 shares, each with a nominal value of USD
0.25.

For additional information please contact:

Espen Joranger, Chief Financial Officer | Mobile: +47 982 06 812 | Email:
espen.joranger@archerwell.com

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

This information is subject to the disclosure requirements pursuant to section 5
-12 of the Norwegian Securities Trading Act

Kilde

TekBot · mai 10, 2024, 7:04am

Archer Limited: Reduction of share capital

Hamilton, Bermuda (May 10, 2024)

Reference is made to the stock exchange announcement made by Archer Limited (the
…

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“Company”)(OSE: ARCH) on April 30, 2024 regarding the Company’s general meeting
resolving to reduce the paid in capital by USD 0.24 per share from USD 0.25 to
USD 0.01.

The reduction in share capital has now been registered with t Euronext
Securities Oslo (VPS). Following such capital reduction, the share capital of
the Company is USD 649,705.98 divided into 64,970,598 shares, each with a
nominal value of USD 0.01.

For additional information please contact:

Espen Joranger, Chief Financial Officer | Mobile: +47 982 06 812 | Email:
espen.joranger@archerwell.com

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

This information is subject to the disclosure requirements pursuant to section 5
-12 of the Norwegian Securities Trading Act

Kilde

TekBot · mai 16, 2024, 7:02am

Archer Limited: Mandatory notification of trade

TekBot · juni 26, 2024, 11:54am

Archer Limited: Well Services secures extension of frame agreement with Equinor in the North Sea

Sandnes, Norway (June 26, 2024)

Archer has been awarded a 2-year contract extension from Equinor Energy AS in
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the North Sea. The contract covers plug and abandonment, fishing and downhole
mechanical isolation equipment. Based on current activity levels, the
additional backlog is estimated at $60 million for the 24 months period which
will commenced in June this year.

Nicholas Pantin, EVP Archer Well Services comments;

“We are pleased to continue our Well Services operations for Equinor in the
North Sea. P&A services is a key part of the Archer strategy, and we look
forward to continuing to deliver cost-effective, efficient, and innovative P&A
solutions to our clients in the future.”

For more information, please visit www.archerwell.com or contact:

Espen Joranger, Chief Financial Officer | Mobile: +47 982 06 812 | Email:
espen.joranger@archerwell.com

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

Kilde

TekBot · juli 1, 2024, 10:00am

Archer acquires Moreld Ocean Wind

Hamilton, Bermuda (July 1, 2024)

Archer has entered into an agreement with Remold Invest AS to acquire 100
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percent of the shares in the floating offshore wind solutions provider Moreld
Ocean Wind AS (MOW), including a minority stake in US/French technology company
Ocergy Inc (OCY).

With around 30 engineers based in Norway, MOW delivers project management and
engineering for fabrication and assembly of floating substructures for wind
turbines. The lightweight floating substructures, developed and designed by OCY,
are suited for serial production, as the modules are prefabricated and assembled
in ports or yards close to where the wind farm will be operating.

MOW is currently engaged with a number of studies, front-end projects, and
engineering contracts on behalf of some of the world’s largest energy companies
and has been down-selected as the preferred supplier by several wind farm
developers for upcoming wind farm project bids.

"With this acquisition we both strengthen our energy services portfolio and
support our energy customers’ ambitions in the energy transition. Several of our
oil and gas customers have commitments and plans within floating offshore wind
and it is natural for Archer to take a position in this segment to support our
customers’ ambitions. MOW’s existing business and customer portfolio is
attractive and provides growth opportunities going forward. MOW will also
benefit from Archer’s offshore competence, around 300 engineers, and project
execution capability.

The floating offshore wind market is still in its early days but is predicted to
grow in the coming decades. This acquisition gives us an attractive entry point
to capitalize on these market developments. We have a flexible approach as to
how we best can structure and develop the company going forward," said Dag
Skindlo, CEO of Archer.

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

Kilde