Archer Limited: Cancellation of subsequent offering

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN OR INTO AUSTRALIA, CANADA, HONG KONG, JAPAN OR THE UNITED STATES, OR ANY OTHER JURISDICTION IN WHICH THE RELEASE, PUBLICATION OR DISTRIBUTION WOULD BE UNLAWFUL. THIS ANNOUNCEMENT DOES NOT CONSTITUTE AN OFFER OF ANY OF THE SECURITIES DESCRIBED HEREIN.

Hamilton, Bermuda - 15 October 2025.

Reference is made to the stock exchange announcements published by Archer Limited (the "Company") on 25 September 2025 regarding the successful completion of a private placement of new shares in the Company (the "Private Placement") and a secondary sale of existing shares in the Company.

As a consequence of the Private Placement, the Company communicated an intention to carry out a subsequent offering of up to 2,212,000 new shares in the Company (the "Subsequent Offering") at a price per share of NOK 22.50, which is identical to the price per share in the Private Placement (the "Subscription Price"), directed towards certain eligible shareholders in the Company, depending on, among others, the prevailing market price and the traded volume of the shares in the Company on the Oslo Stock Exchange following completion of the Private Placement.

Following such communication, approx. 2.2 million shares (i.e. approx. the size of the potential Subsequent Offering) have traded at or below the Subscription Price (with a volume-weighted average price per share for this volume of NOK 21.9652) on the Oslo Stock Exchange. Accordingly, any shareholder wishing to reduce the dilutive effect of the Private Placement has had sufficient opportunity to purchase shares in the market at prices at or below the Subscription Price. Additionally, the closing price per share on the last trading day (15 October 2025) on the Oslo Stock Exchange was NOK 20.85, which is below the Subscription Price.

On this background, the Company has today decided not to proceed with the Subsequent Offering.

For more information, please contact:

Espen Joranger / Chief Financial Officer, Mobile: +47 982 06 812, Email: [email protected]

Joachim Houeland / Manager Treasury and Investor Relations, Mobile: +47 482 78 748, Email: [email protected]

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