Archer Limited – Disclosure of large shareholdings

Reference is made to the stock exchange announcement made by Archer Limited (the "Company") on 7 March 2023 regarding the successful completion of a private placement (the "Private Placement") of 1,040,000,000 new common shares in the Company (the "New Shares") raising gross proceeds of USD 100 million. The Private Placement is divided in two separate tranches, where the first tranche consists of 618,800,000 New Shares and the second tranche ("Tranche 2") consists of 421,200,000 New Shares.

Hemen Holding Ltd. ("Hemen") has been allocated 260,000,000 New Shares in Tranche 2 of the Private Placement. Following issuance of these shares, Hemen will hold a total of 280,179,529 shares in the Company, representing 23.6% of the total number of shares and voting rights in the Company following completion of the Private Placement.

The issuance of Tranche 2 Shares is subject to certain conditions being fulfilled, including the special general meeting of the Company to be held on or about 28 March 2023 approving the required increase of the Company's share capital.

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