Archer secures contract extensions adding $130 million in contract backlog

21 May 2026 07:35 CEST

Hamilton, Bermuda (May 21, 2026)

Archer Limited ("Archer") is pleased to announce the extension of an existing
drilling contract in Vaca Muerta, Argentina.

The contract has a total estimated value of $130 million, including a firm
period extending through October 2028, with an additional two-year optional
period through October 2030. The scope of services includes the provision of one
drilling rig and operation of a client owned rig.

Gerardo Molinaro, EVP Land Drilling at Archer, commented:
"These extensions reaffirm the confidence our client places in our people and
operational capabilities. The agreement strengthen our long-standing
relationship and reflects a continued commitment to high-performance operations
and adaptability to evolving market conditions.

Improved commercial terms support stronger contract economics, increasing
backlog visibility and contributing to profitability for Archer, while we remain
focused on delivering safe and efficient drilling operations."

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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