Archer Limited: Archer acquires Baker Hughes' Coil Tubing and Pumping business in the UK

08 Feb 2023 11:27 CET

Hamilton, Bermuda, February 8, 2023

Archer Limited is pleased to announce that we have signed definitive agreements
with Baker Hughes Limited to acquire its coil tubing and pumping ("CT&P")
business in the United Kingdom.

The CT&P business includes four complete CT&P packages with supporting
equipment, specialized and optimized for the UK market. As part of the
transaction, Archer will take over a professional team of 51 employees in the
UK, under a Transfer of Undertakings (Protection of Employment) ("TUPE")
process.  Customer contracts related to the CT&P business will follow the
transaction.

Closing of the transaction is subject to the UK Competition and Markets
Authority's final approval and completion of the TUPE process.

Dag Skindlo, CEO of Archer:

"We are excited to announce this agreement. The coil tubing and pumping business
fits well within our overall strategy to grow our drilling and well services in
the UK and to further grow our integrated P&A service offering. Archer has over
time developed and invested in both well P&A services and technologies, and we
are proud to offer the broadest and the most advanced P&A service offering
within the industry. We believe the acquisition will represent an attractive
long-term investment with low risk and will be accretive to Archers' key
financial ratios."

Gary Uddenberg, VP Global Sales and VP Coil Tubing of Archer:

"We look forward to working with a highly experienced and competent coil tubing
team in the UK. This business fits into our strategy within brownfield and P&A
operations as well as our conveyance portfolio. The UK market remains an
important business environment for us and advancing Archer's product and
solution offerings together with the coil tubing business will bring value to
our clients' workover and intervention programs."

For additional information, please contact:

Dag Skindlo, Chief Executive Officer, Mobile:+4798226624, 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

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

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