Hamilton, Bermuda (May 30, 2013)

First Quarter Highlights

• First quarter revenue of $514.5 million.
• First quarter EBITDA of $39.7 million.
• Net loss for the quarter of $37.0 million.
• First quarter operational cash outflow of $25.8 million.
• Raised $250.0 million from the issuance of 208.3 million new shares in a private placement
• Net interest bearing debt at the end of the first quarter 2013 at $982.5 million.
• Announced the sale of North American Rental and Tubular business for $244 million.

In connection with the earnings release, a conference call/webcast will be held at 1PM GMT (2PM CET) on Thursday May 30, 2013.

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 pursuant to section 5-12 of the Norwegian Securities Trading Act.