Archer Limited: Completion of refinancing and new share capital

Hamilton, Bermuda (April 25, 2023)

Reference is made to the stock exchange announcement made by Archer Limited (the "Company") on 6 March 2023 regarding the in-principle agreement with its secured lenders and other stakeholders for an overall refinancing solution for the group (the "Refinancing").

The Company is pleased to announce that the Refinancing, as described in the announcement on 6 March 2023 and in the prospectus dated 10 March 2023, has now been fully completed.

The Company has resolved to issue 2,000,000 new common shares in the Company as compensation to advisors for consultancy services provided to the Company in connection with the Refinancing. The new shares have been registered with Euronext Securities Oslo today. The new share capital is USD 16,242,649.69 divided into 1,624,264,969 common shares, each with a nominal value of USD 0.01.

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

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

Additional information about the Company can be found at: https://www.archerwell.com/

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