Archer secures contract extensions adding $130 million in contract backlog

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