Hamilton, Bermuda (February 29, 2012)

The Board has with support from the Company’s stock option plan awarded the company’s chief executive officer Fredrik Halvorsen the option to acquire one million shares in Archer.  The options strike price will be set at 14.86 NOK, equal to the average trading price of the shares the three days prior to the announcement of the Q4 results. Mr. Halvorsen will not receive any cash compensation for his work as CEO in Archer for 2012.

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