Archer Limited – Disclosure of large shareholdings

Reference is made to the stock exchange announcement made by Archer Limited ("Archer") on 24 April 2023 announcing Archer's new share capital following the issuance of 208,000,000 new common shares of the Company (the "Compensation Shares") to be delivered to the backstop participants in the 2nd Lien USD 200 million bond issue made by Archer Norge AS, a subsidiary of Archer.

As a result of the issuance of the Compensation Shares, the relative share ownership of Paratus JU Newco Bermuda Limited ("Paratus") in Archer has been reduced below the 25% disclosure threshold. Paratus currently holds a total of 392,305,324 shares in the Company, representing 24.18% of the total number of shares and voting rights in the Company.

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