Archer extends long-term platform drilling and maintenance contract with Aker BP

19 Dec 2025 09:56 CET

Hamilton, Bermuda (December 19, 2025)

Archer has received formal notice from Aker BP of the exercise of the three-year
extension option under the long-term contract originally awarded in November
2020 for the provision of platform drilling operations and maintenance services
on the Ula and Valhall installations in the Norwegian sector of the North Sea.

The exercised extension will commence upon expiry of the initial five-year term,
ensuring continuity of operations and extending the contract through December
31, 2028.

Under the extended contract, Archer will continue to deliver platform drilling
operations, maintenance services and intervention support, including integrated
engineering, rental equipment and well services where required, as part of our
#OneArcher service offering.

Dag Skindlo, CEO of Archer, commented:

"The exercise of this extension option reflects Aker BP's continued confidence
in Archer's people, systems and ability to deliver safe, efficient and reliable
operations on the Ula and Valhall assets.

Our long-standing relationship with Aker BP spans more than three decades, and
we are proud to further build on this legacy. I would like to thank our offshore
and onshore teams for their consistent performance and commitment, which have
been instrumental in securing this extension."

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

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