Archer Limited: Iceland Drilling acquisition closed

16 Nov 2022 13:13 CET

Hamilton, Bermuda (November 16, 2022)

Reference is made to the press release on August 8, 2022, wherein Archer
announced its acquisition of 50% of the shares in geothermal drilling company
Iceland Drilling Company Ltd. ("Iceland Drilling"), subject to Icelandic
competition authority approval.  We are pleased to announce that the transaction
closed today, in accordance with previously communicated terms.

Following the closing of the transaction, Archer will own 50% of the shares in
Iceland Drilling and Kaldbakur ehf. will own the other 50%.

Dag Skindlo, CEO of Archer Limited comments; "We look forward to further develop
and expand Iceland Drilling, together with management and our industrial
partner, Kaldbakur."

About Iceland Drilling

Iceland Drilling is an international deep geothermal drilling and integrated
well service company, with seven decades of experience and competence in both
high and low temperature geothermal environments. Headquartered in Iceland, the
company employs 130 people and has an annual revenue of approximately USD 40
million. Iceland Drilling has drilled more than 500 deep geothermal wells since
1970 and owns a modern fleet of hydraulic drilling rigs automated for safe and
efficient operations. The company has a track-record from challenging remote and
isolated locations, and is currently managing drilling operations in Iceland,
Dominica, and New Zealand as well as seven smaller rigs for district heating
projects in Iceland.

For additional 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 of the disclosure requirements acc. to §5-12 vphl
(Norwegian Securities Trading Act)

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