07 Mar 2023 08:08 CET

Reference is made to the stock exchange announcement made by Archer Limited (the
"Company") on 7 March 2023 regarding the successful completion of a private
placement (the "Private Placement") of 1,040,000,000 new common shares in the
Company (the "New Shares") raising gross proceeds of USD 100 million. The
Private Placement is divided in two separate tranches, where the first tranche
consists of 618,800,000 New Shares and the second tranche ("Tranche 2") consists
of 421,200,000 New Shares.

Hemen Holding Ltd. ("Hemen") has been allocated 260,000,000 New Shares in
Tranche 2 of the Private Placement. Following issuance of these shares, Hemen
will hold a total of 280,179,529 shares in the Company, representing 23.6% of
the total number of shares and voting rights in the Company following completion
of the Private Placement.

The issuance of Tranche 2 Shares is subject to certain conditions being
fulfilled, including the special general meeting of the Company to be held on or
about 28 March 2023 approving the required increase of the Company's share
capital.

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


Source

Archer Limited

Provider

Oslo Børs Newspoint

Company Name

ARCHER

ISIN

BMG0451H1170, BMG0451H2087

Symbol

ARCH

Market

Oslo Børs