Archer Limited: Archer signs term sheet to potentially acquire Baker Hughes’ coil tubing and pumping business in the United Kingdom

Hamilton, Bermuda (January 17, 2023)

Archer Limited has signed a term sheet with Baker Hughes Limited (“Baker Hughes”) to potentially acquire Baker Hughes’ coil tubing and pumping (“CT&P”) business in the United Kingdom. The CT&P business fits well within Archer’s overall strategy to grow our drilling and well services in UK and to further grow our integrated P&A service offering. 

Baker Hughes is divesting the CT&P business as a part of a remedy package offered to the UK Competition and Markets Authority (“CMA”). The CMA is undertaking a public consultation process with Archer and one other potential purchaser, which is expected to conclude by February 1, 2023.   

The contemplated transaction is subject to Archer being selected as the preferred purchaser by Baker Hughes, definitive agreements, final approval by the CMA, and Archer Board approval.

For further information on the CMA process: https://www.gov.uk/cma-cases/baker-hughes-nederland-holdings-bv-slash-oz-midco-as-altus-intervention-merger-inquiry#full-publication-update-history

For additional 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.