Archer Limited: New share capital registered

Hamilton, Bermuda (April 20, 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"), including the contemplated conversion of the group's USD 13.1 million convertible loan (the "Convertible Loan") into new common shares of the Company to be issued to the lender, as further described in the prospectus prepared by the Company dated 10 March 2023 (the "Prospectus").

The Convertible Loan has now been converted to 208,000,000 new common shares of the Company (the "Conversion Shares"). The Conversion Shares have been issued in accordance with the terms described in the Prospectus and registered in Euronext Securities Oslo (being the Company's branch register under Bermuda law) as duly issued. Following registration of the new share capital pertaining to the issuance of the Conversion Shares, the Company's issued share capital is USD 14,142,649.69 divided into 1,414,264,969 common shares, each with a nominal value of USD 0.01.

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