Hamilton, Bermuda (July 29, 2016)

Second Quarter 2016 highlights

  • Second quarter revenue was $218.8 million.
  • Second quarter EBITDA was $17.4 million before net restructuring costs.
  • Second quarter cash generated from underlying operations to financing activities and servicing of debt was $32.0 million.
  • Net interest-bearing debt of $790.7 million at June 30, 2016.
  • Wireline division was awarded a 5-year contract for provision of Mechanical Wireline Services for ConocoPhillips in Norway in April.
  • Archer received $75 million in subordinated debt from Seadrill during the quarter.
  • John Lechner was appointed as CEO and Dag Skindlo was appointed as CFO.

In connection with the earnings release, a conference call will be held at 7:00 Houston time, 13:00 London time, 14:00 Oslo time on Friday, July 29, 2016.

For information on how to attend the webcast, detailed information is found on our webpage; http://archerwell.com/investor-relations/webcast/

This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.