Hamilton, Bermuda (November 14, 2025)
Archer Limited ("Archer") is pleased to announce an additional contract linked
to the five-year agreement with NEO NEXT Energy, originally with Repsol
Resources UK and announced May 2[nd], 2025. The additional contract adds a
lighter Archer P&A unit for a five-year term, replacing one of Archer's modular
drilling rigs for the Fulmar platform, originally announced August 15, 2023.
The expanded scope builds on the original agreement which covers platform
drilling, facilities engineering, coil tubing, wireline services, and downhole
well service technologies across NEO NEXT's offshore portfolio. This portfolio
includes late-life operations and P&A activities for approximately 130 wells,
reinforcing Archer's position as a key partner in delivering safe, cost
effective, and integrated drilling and well services for P&A projects.
Alexander Olsson, EVP Platform Operations Archer, commented:
"We are very pleased with this contract award as this anchors our strategic
focus on late life and P&A operations. This amendment reflects our ability to
grow long-term client relationships by delivering value through operational
excellence and innovative solutions. Archer's capabilities to offer lighter,
leaner and more cost-efficient P&A units, is a competitive advantage as the
demand for cost efficient P&A programs grow. We are proud to extend our
collaboration with NEO NEXT in this area."
For additional information, please contact:
· Espen Joranger, Chief Financial Officer - Mobile: +47 982 06 812, Email:
espen.joranger@archerwell.com
· Joachim Houeland, Manager Treasury and Investor Relations - Mobile: +47 482
78 748, Email: joachim.houeland@archerwell.com