Archer awarded execution contract with Equinor covering P&A of 30 subsea wells

07 Jan 2026 12:58 CET

Hamilton, Bermuda (January 7, 2026)

Archer Limited ("Archer") is pleased to announce the award of an integrated Plug
and Abandonment ("P&A") contract with Equinor for 30 subsea wells.

In March 2025, Archer announced Equinor's award of a frame agreement for
engineering and planning for the P&A of its subsea wells. With this contract,
Archer has now been awarded the full planning and execution scope for the P&A
operations. (The earlier announcement can be found here:
https://archerwell.com/archer-awarded-planning-work-for-snorre-upa-and-heidrun
-bc-templates-by-equinor/ )

The contract is structured to enable extensions to additional P&A projects
across Equinor's portfolio. The firm contract term is 3 years including 2
options each of 2 years, with an estimated total contract value up to USD 140
million for the 30 subsea wells. Approximately 50% of the contract value relates
to services delivered by Archer's alliance partners.

The fully integrated P&A program incorporates the planning scope including
project management, well and subsurface engineering (provided through the Archer
Elemental joint venture) with the execution scope including wireline, fishing
and remedial services, downhole mechanical isolation, P&A services, cementing,
fluids, and mudlogging.

This award further reinforces Archer's leading position within the P&A market
and reflects its ability to deliver integrated well abandonment solutions from
concept selection through to the permanent abandonment of wells.

Nicholas Pantin, EVP Well Services at Archer, commented:

"We are honoured by the signing of this contract, which further strengthens our
long-standing relationship with Equinor and supports safe, efficient, high
-quality, and innovative P&A operations. The award further reflects our team's
expertise in subsea well P&A planning and execution. We are proud to continue
and expand our collaboration for with Equinor."

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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