Hamilton, Bermuda (August 14, 2025)

Archer, a leading provider in drilling and well services, announces strong Q2 financials and confirms quarterly cash distribution to shareholders, equal to an annualized yield of 11%.

Archer's CEO, Mr. Skindlo, comments:

"We are pleased to deliver financial growth in a more challenging well service market. We continue our strategic focus on late life and P&A operations while being the preferred partner for our customers. We report strong cash conversion from operations and are pleased to confirm cash distribution to shareholders in line with our commitment".

For the second quarter, we report revenue of $348.9 million and EBITDA of $38.0 million, representing a YOY-growth of 13% and 16% respectively. Adjusted EBITDA was $41.7 million, representing a growth of 30% YOY.

Highlights from the Q2 financials:

• Revenue of $348.9 million, up 13% YOY
• EBITDA of $38.0 million, up 16% YOY
• Adjusted EBITDA of $41.7 million, up 30% YOY
• Quarterly cash distribution to shareholders of $5.5 million
• Awarded late-life operations and P&A contract by Repsol in the UK ($150m)
• Renewed pulling and workover contract with PAE in Argentina ($210m)

Subsequent events

• Acquired WellConnection Norway AS, an integrated "one-stop shop" for inspection, maintenance, and repair of drill pipes and related equipment.   
• Second quarterly cash distribution to shareholders, totalling USD 5.5 million

Outlook and guidance:

We continue to develop and expand our services and technologies within the growing P&A service market. We are currently preparing our first light P&A unit to start operations in Norway for Equinor. We have also recently announced a significant late life and P&A project for Repsol in the UK and a major subsea P&A contract for Equinor in Norway, both of which will commence operations in the first half of 2026.

Our main clients in Argentina are prioritizing capital allocation towards oil and gas export infrastructure in Vaca Muerta and have temporarily slowed down drilling and completion activity. We now expect land drilling revenue and EBITDA to be lower than prior guidance, by about $100 million and $10-12 million, respectively.  Nonetheless, we expect the net impact on cash flow to be positive, as we reduce maintenance capex, improve working capital, and sell excess equipment. Going forward, we expect activity level in the south to remain muted but expect drilling activity in Vaca Muerta to rebound in 2026.

The reestablished 2025 financial guidance for Archer is a revenue growth of 2-4% and an EBITDA growth of 8-15% compared to 2024. Capex is estimated to be roughly 4% of revenue, which includes approximately $10 million of growth investment in lighter P&A units. Adjusted EBITDA, reflecting restructuring costs to align cost structure to current activity, is in line with previous EBITDA guidance of $155-170 million. The reestablished guidance does not impact our dividend capacity.

Conference call Thursday August 14^th at 9:00 CEST

Archer will host a conference call at 9:00 am CEST on August 14^th, 2025. To follow the presentation, the following options are available:

A. Webcast

To register for the webcast please go to https://events.q4inc.com/attendee/926478236

B. Conference call

To access the call, which is open to the public, please dial in at the participant telephone numbers listed below. Please call in 10 minutes prior to the scheduled start time and ask for the "Archer Second Quarter 2025 Earnings Release Call".

Participants dial-in:

• United Kingdom +44 20 3936 2999
• United States  +1 646 233 4753
• Germany +49 32 221098334
• All other locations: +44 20 3936 2999

Access code: 938541

The operator will ask for your name and company. Following the presentation there will be a Q&A session. Information on how to ask questions will be given at the beginning of the Q&A session.

For further information, please contact:

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 according to Section 5-12 of the Norwegian Securities Trading Act.