Q4 2025 Trading Update and 2026 Outlook

2nd February 2026

1

2

Business segment update

3

Outlook and guidance

4

Appendix

$1.2bn

Revenue1

$167m

EBITDA1

$4bn

Land

Drilling

Well

Services

Renewable

Services

Platform

Operations

Our products & services

Backlog2

50+ years

Operational experience

40

Locations globally

4,500

Global personnel3

1 IFRS reporting, 2025. Financials are unaudited.

2 Backlog value is as of year-end 2025 and include options

3 As of year-end 2025

2025 highlights

• Refinancing of $425m senior secured bond

• Quarterly dividends initiated, at ~11% yield

• Acquired Premium Oilfield Services in the US and

  raised $20 million of equity in private placement

• Acquired WellConnection in Norway

• Strengthened backlog to a total of $4bn by year-end 2025, through multiple P&A projects and major drilling contract in Vaca Muerta

• Solid financial performance, with continued EBITDA growth of 12%

• Sold workover business in the south of Argentina (2026)

Revenue ($m)

IFRS1

CAGR +14%

818

973

1,118

1,209

'22 '23 '24 '25

EBITDA ($m)

IFRS1

CAGR +21%

149

167

94

131

'22 '23 '24 '25

1 Archer has converted from US GAAP to IFRS reporting. All reported financials are presented using IFRS accounting standards, unless otherwise stated. Financials are unaudited.

Q4 Revenue ($m) Q4 EBITDA ($m)

IFRS2 IFRS2

• Q4 revenue of $309 million, up 3% YOY

• Q4 EBITDA of $44.5 million, up 14% YoY

• 2025 revenue of $1,209 million, up by 8%

• 2025 EBITDA of $166.5 million, up by 12%

• 2025 year-end NIBD at $426 million

• Distribution to shareholders of $6.1 million in Q41

• Archer has started to report financials using IFRS accounting standards2

• $600m five-year contract with YPF for the provision of 7 high-spec drilling rigs

• Contract with NEO NEXT Energy for the deployment of P&A unit to the UK

  400

  300

  200

  100

  0

  Q4-24 Q4-25

  50

  +3%

  301

  309

  
  
  

  +14%

  44.5

  39.2

  40

  30

  20

  10

  0

  Q4-24 Q4-25

• Extension of platform drilling contracts, both in the UK and in Norway

  '25 Revenue($m) '25 EBITDA ($m)

  IFRS2 IFRS2

  Subsequent events

• Approved $6.4m distribution to be paid to shareholders in Q1 20261

• Awarded integrated P&A contracts in Norway and deepwater Gulf of America

• Sold workover business in the south of Argentina

  1 500

  1 000

  500

  200

  +12%

  166.5

  149.3

  +8%

  1 209

  1 118

  
  
  

  150

  100

  50

  0 0

  Conversion to IFRS reporting

  From US GAAP to IFRS

• We have converted from US GAAP to IFRS accounting policy from and

  including Q4 2025

• The reason for the conversion is to align with the majority of the companies reporting at the Oslo Stock Exchange

• All financial reports and presentations, including this trading update, will from now on present financials using IFRS accounting standards, unless otherwise stated

  Q4 Revenue ($m)1

  352

  309

  
  
  

  400

  300

  200

  100

  0

  US GAAP IFRS

  Q4 EBITDA ($m)1

  44.5

  38.9

  
  
  

  50

  40

  30

  20

  10

  0

  US GAAP IFRS

  '25 Revenue ($m)1 '25 EBITDA ($m)1

  Main changes to reported financials

• Reimbursables will no longer be reported as revenue, meaning that only operational revenue will be reported

• Operating lease costs are reclassified below EBITDA, together with D&A

• R&D and intangible assets more likely to capitalized and amortized

  1 500

  1 000

  500

  200

  166.5

  149.0

  
  
  

  1 383

  1 209

  150

  100

  50

  0 0

  Added significant backlog with key strategic awards

  Key backlog additions in 2025 and contract values1

  Platform Operations

  Well Services

  Land Drilling

  Major late life and P&A contract with NEO Next

  5-year service contract covering NEO's UK platform portfolio

  Integrated P&A in the Gulf of America

  P&A unit and integrated services with SLB

  P&A unit for NEO Next

  5-year contract for compact P&A unit in the UK

  Platform Drilling extension in UK ($110m)

  5-year extension of current PD service contract

  Workover services for PAE in the South ($210m)3

  3-year contract renewal for 9 pulling and 8 workover units

  Fishing services for US Gulf operator ($50m)

  3-year frame agreement renewal for fishing services in the GoA

1 Estimated contract values including options, per announced. Includes announced contract additions YTD 2026.

2 Value of P&A execution of 30 subsea wells. 50% of value relates to services delivered by Archer's alliance partners.

Revenue backlog ($bn) Comments

Excluding the workover business in south Argentina1

~1.4

Land Drilling

19%

2%

Renewable

Services

Platform

Well

26%

$3.6bn

52%

Operations

'25

Operational rev.

'26 '27 '28 Thereafter

Services

1 Year-end 2025 backlog: about $4bn (including the discontinued workover business in south Argentina) 9

2 Based on backlog and estimated EBITDA margin per division (~15% average EBITDA margin for total backlog)

Bond refinancing Shareholder distribution program

Q1 2025 Q2 20251

9.5% fixed

$425m

Bond issue Coupon

$6.1m $6.4m

$5.5m

$5.5m

Q2 '25 Q3 '25 Q4' 25 Q1 '26E

• Initiation of quarterly dividends from Q2 2025

• NOK 0.62/share

  (10-11% yield)1

  Free float

  Free float

  Paratus

  69.4%

  54.7%

  23.8%

  30.6%

  Hemen

  Hemen

  21.5%

  Archer shareholdings before and after transaction

  Private placement and secondary sale

  $20m

  $49m

  Q3 2025

  Private placement

  Secondary sale (Paratus)

  $69m

  Total transaction

• $20m equity raise to fund

  Premium acquisition

• Paratus exit with main shareholders acquiring shares in Archer directly

• Increase in Hemen ownership and in free float

1 Stable distribution of ~0.62 NOK/share. USD amount varying due to issue of shares in Q3 2025 and from USD/NOK currency fluctuations 10