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Archer Limited: Archer’s acquisition of Baker Hughes’ Coil Tubing and Pumping business in the UK is complete

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Hamilton, Bermuda (April 3, 2023)

Reference is made to the announcements on February 8, 2023 and March 2, 2023, wherein Archer announced the acquisition of Baker Hughes’ Coil Tubing and Pumping business in the UK (the “Transaction”).

Archer is pleased to announce that the Transaction is now complete in accordance with previously communicated terms.

Dag Skindlo, CEO of Archer:

“This acquisition is part of our strategy to be one of the leading well services companies in the UK.  Together with our well-established platform operations business, Archer is uniquely positioned to serve our customers with a broad range of production enhancements and P&A operations. We are pleased to welcome this highly skilled and experienced team to Archer and look forward to adding value to existing and new customers.”

For additional information, please contact:

Dag Skindlo, Chief Executive Officer, Mobile:+4798226624, Email: dag.skindlo@archerwell.com

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

Joachim Houeland, Manager Treasury and 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.

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