Hamilton, Bermuda (February 29, 2012)

Fourth Quarter Highlights 

• Fourth quarter revenue of $ 596.1 million
• Fourth quarter EBITDA of $ 82.0 million, including $ 5.2 million of exceptional income
• Charge for impairment of intangible assets and goodwill of $ 121.5 million
• Net loss for the quarter of $ 111.8 million 
• Fourth quarter operational cash flow of $ 67.3 million
• Net interest bearing debt at the end of the fourth quarter 2011 at $ 1,048.8 million
• Restructured short term credit obligations into long term syndicated credit facility
• New Management and organization structure put in place

In connection with the earnings release, a conference call/webcast will be held at 1PM GMT (2PM CET) on Wednesday 29, 2012. For information on how to attend the webcast, detailed information is found on our webpage;

https://archerwell.com/page/48/webcast.htm

Questions should be directed to:

Fredrik Halvorsen, Chief Executive Officer and Deputy Chairman

Christoph Bausch, Chief Financial Officer

Lars Bethuelsen, Senior Vice-President, M&A and Investor Relations

This information is subject of the disclosure requirements acc. to §5-12 vphl (Norwegian Securities Trading Act)