Archer acquires Moreld Ocean Wind

01 Jul 2024 12:00 CEST

Hamilton, Bermuda (July 1, 2024)

Archer has entered into an agreement with Remold Invest AS to acquire 100
percent of the shares in the floating offshore wind solutions provider Moreld
Ocean Wind AS (MOW), including a minority stake in US/French technology company
Ocergy Inc (OCY).

With around 30 engineers based in Norway, MOW delivers project management and
engineering for fabrication and assembly of floating substructures for wind
turbines. The lightweight floating substructures, developed and designed by OCY,
are suited for serial production, as the modules are prefabricated and assembled
in ports or yards close to where the wind farm will be operating.

MOW is currently engaged with a number of studies, front-end projects, and
engineering contracts on behalf of some of the world's largest energy companies
and has been down-selected as the preferred supplier by several wind farm
developers for upcoming wind farm project bids.

"With this acquisition we both strengthen our energy services portfolio and
support our energy customers' ambitions in the energy transition. Several of our
oil and gas customers have commitments and plans within floating offshore wind
and it is natural for Archer to take a position in this segment to support our
customers' ambitions. MOW's existing business and customer portfolio is
attractive and provides growth opportunities going forward. MOW will also
benefit from Archer's offshore competence, around 300 engineers, and project
execution capability.

The floating offshore wind market is still in its early days but is predicted to
grow in the coming decades. This acquisition gives us an attractive entry point
to capitalize on these market developments. We have a flexible approach as to
how we best can structure and develop the company going forward," said Dag
Skindlo, CEO of Archer.

For additional information, please contact:

Dag Skindlo, Chief Executive Officer | Mobile: +47 982 26 624 | Email:
dag.skindlo@archerwell.com

Espen Joranger, Chief Financial Officer | Mobile: +47 982 06 812 | Email:
espen.joranger@archerwell.com

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