Archer Limited – Disclosure of large shareholding

Reference is made to the stock exchange announcement made by Archer Limited (the "Archer") on 24 April 2023 announcing Archer's new share capital following the issuance of 208,000,000 new common shares in Archer (the "Compensation Shares") to be delivered to the backstop participants in the 2nd Lien USD 200 million bond issue made by Archer Norge AS, a subsidiary of Archer.

Hemen Holding Ltd. ("Hemen") will at closing of the transaction receive 52,000,000 Compensation Shares. Upon receipt of such shares, the relative share ownership of Hemen in Archer will be increased above the 20% disclosure threshold, as Hemen will hold a total of 332,179,529 shares in Archer, representing 20.48% of the total number of shares and voting rights in Archer. 331,179,529 of these shares, equal to 20.41% of the shares and votes in Archer, will be held directly by Hemen, while the remaining 1,000,000 shares, equal to 0.06% of the shares and votes in Archer, are shares that have been lent out by Hemen. 

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