Hamilton, Bermuda (February 26, 2025)

Archer is pleased to announce that its subsidiary, Wellbore Fishing & Rental Tools LLC (“WFR”), has been awarded a frame agreement for the provision of Fishing and Thru Tubing Fishing for a major deepwater operator in the US Gulf of America. The new frame agreement has an initial estimated value of USD 30 million over a firm 3-year period. The frame agreement includes two additional 1-year optional period which can bring total value to USD 50 million

Commenting on this achievement, Tony Bellina, VP of NAM for WFR, said, “We are honored to further develop our service offering with our client on their Gulf of America operation, and to service their needs within our fishing and rental capabilities.  Our focus remains on delivering high-quality results and ensuring safe operations, while strengthening our collaboration and innovation.  The award of this contract is a testament of our technical capabilities, competitive pricing and proven track record of delivering high-quality results.”

For additional information, please contact:

Espen Joranger, Chief Financial Officer | Mobile: +47 982 06 812 | Email: espen.joranger@archerwell.com

Joachim Houeland, Manager Treasury & Investor Relations | Mobile: +47 482 78 748 | Email: joachim.houeland@archerwell.com