Archer receives LOI for multiyear operation of modular rig Archer Topaz

Hamilton, Bermuda (December 11, 2019)

Archer has entered into a Letter of Intent (LOI) with a North Sea operator for the provision of drilling services using the modular drilling rig Archer Topaz. The LOI is for a firm contract period of 2 years and 3 months, with options for an additional 7 months of work following the initial contract period. A final contract award is subject to a successful front-end engineering design study for deploying the Topaz on the client platform, as well as final client board approval anticipated to be completed by end of February 2020. Expected start-up date for operations is mid-2021.

In combination with the already announced contract for Topaz on Heimdal in 2020, a successful award of this contract will secure the rig working until 2023/2024.

For additional information please contact:

Dag Skindlo, Chief Financial Officer

Mobile: +47 982 26 624, Email: dag.skindlo@archerwell.com

Anders Engelsen, Vice President Corporate Business Development

Mobile: +47 932 07 901, Email: anders.engelsen@archerwell.com

About Archer

Archer is a global oil services company with a heritage in drilling and well services that stretch back over 40 years. Employing more than 5000 people at 40 locations in 17 countries, from drilling services, well integrity & intervention, plug & abandonment to decommissioning, Archer is focused on safely delivering the highest quality services and products to the drilling and well service markets. Visit our company website at www.archerwell.com

This information is subject of the disclosure requirements acc. to §5-12 vphl (Norwegian Securities Trading Act)