Slide 1: Archer Q1 2023 results
Archer Q12023 results Dag Skindlo Chief Executive Officer Espen Joranger Chief Financial Officer 10 May 2023
Slide 2: Disclaimer - forward looking statements
A 1 2023 — Disclaimer - forward looking statements Cautionary Statement Regarding Forward-Looking Statements In addition to historical information, this presentation contains statements relating to our future business and/or results. These statements include certain projections and business trends t
Slide 3: Q1 Highlights
Revenue ($m) Qi Highlights 280 260 240 e Revenue of $267 million, up 22% from same quarter last 220 year 200 ° Strong EBITDA of $25.2 million, up 55% from same in quarter last year 140 . 120 e Strong focus on cash management in the quarter 100 contributed to reduced NIBD, adjusted for the equity ae
Slide 4: Refinancing completed in April 2023
A Q1 2023 Refinancing completed in April 2023 - secures financial solidity and capital flexibility Leverage reduction Key outcomes © Leverage $m -——5.3x Net debt reduced by 506 with NIBD/EBITDA reduced from Extended debt maturities to giving adequate runway Q4 ‘22 NIBD Adj. ‘22 EBITDA Guided °23E EB
Slide 5: Financial performance by segment
A (21 2023 Financial performance by segment Platform Operations ($m) Well Services (Sm) , +30% 9 140 rn 16 +38%— 80 wv 10 ST 118 14 127 70 , 3 79 120 Y co] 55 y 108 “YY 12 100 YW; 7, 10 93 50 UG 6 ] 8 40 Zi ©0 80 6 30 4 97 60 4 20 41 2 2 10 40 oO oO oO Q122 Q1-23 Qt-22 Q1-23 Q122 Q1-23 Qt-22 Q1-23 W
Slide 6: Increased geographical footprint, fill obvious gaps
• • • • • • ✓ ✓ Increased Fill obvious geo. footprint gaps ✓ ✓ Broader portfolio New offering Technology 6
Slide 7: Platform Operations
A Q1 2023 — Platform Operations Financials Operations * Operational revenue increased by 3% over the + Increased activity in the quarter with one additional quarter from increased activity active drilling rig in Norway + Year-over-year, revenue impacted by weakening of * Modular Rig Archer Topaz com
Slide 8: Land drilling
Land drilling Financials + Revenue stable at $80 million in line with previous quarter * EBITDA of $7.0 million, a modest reduction compared to previous quarter, but at a new level compared to preceding quarters * Exceptional items related down manning in the quarter of $1.8 million, implying an adj
Slide 9: Condensed profit & loss
A 012023 Condensed profit & loss * Total revenue of $266.6 million in Q1 2023 represent an 12023 12022 increase of $47.5 million from same quarter last year, rating reveni 195.8 based on increased activity Reimbursable revenue E 233 Total Revenues + EBITDA of $25.2 million is an increase of $9.0 mil
Slide 10: Condensed balance sheet
A a1 2023 $ million Cash and cash equivalents Restricted cash Accounts receivables Inventories Other current assets Investments and loans to associates Property, plant and equipment Right of use assets Goodwill Other non-current assets Total-assets Current portion of interest-bearing debt Accounts p
Slide 11: Reiterate financial outlook for 2023
A Q1 2023 — Reiterate financial outlook for 2023 2023e EBITDA estimates: Strong performance in Q1 2023 UD =2iost = Growth in heavy intervention and P&A market Revenue Revenue growth from 2022 share = Operators drilling plans in the North Sea = Moderately higher rig utilization in Vaca Muerta in Arge
Slide 12: Appendix
Appendix
Slide 13: Key financials
Key financials Revenuel[Sm] EBITDAISm] 280 oa) 28 27 Reimbursabl 264 ‘eimbursable +60 , 26 os Operational revenue 247 aan 4 240 24 23 22 220 20 20 200 we 16 219 16 210 180 4 | 496 199 14 160 12 Qr22 © Q222.- 322, 4-22-23 Qr22 Q222,- Q322. 4-22. N23 NIBD[Sm] CAPEX [Sm] — 550 18 173 500 16 450 “4 12 4
Slide 14: Estimated FX effect on revenue and EBITDA
+32% Estimated FX effect on revenue -9% from adverse movement in NOK and GBP against USD +22% 01.01.2022 01.07.2022 01.01.2023 01.07.2023 Q1 2022 Q2 2023 +67% Estimated FX effect on EBITDA -13% from adverse movement in NOK and GBP against USD approximately $2 million +55% 01.01.2022 01.07.2022 01.01
Slide 15: Quarterly financials (figures in $ million)
(Figures in $ million) Q1 22 Q2 22 Q3 22 Q4 22 Q1 23 15 15
Slide 16: Condensed balance sheet (unaudited)
2023 - Appendix Condensed balance sheet (unaudited) 31.03.2023 Cash, cash equivalents & restricted cash 1043 991 108.7 93.0 198.2 Accounts receivables 124.7 135.0 121.3 152.6 1471 Inventories 52.7 52.9 51.0 55.2 62.1 Other current assets 34.9 36.3 39.5 39.0 413 Investments and loans in associates 8.
Slide 17: Condensed cash flow statement - last quarters
1 2023 - Appendix Condensed cash flow statement - last 5 quarters (unaudited) (l in $ million) Qi 22 Q222 Q3 22 Q422 Q123 Operating activities (8.7) 16.8 24.7 87 29.2 Investing activities (7.8) (4.8) (4.3) (26.7) (17.7) Financing activities 52.9 (8.2) (4.4) (8.2) 95.8 FX effect 24 (8.9) (6.4) 5.4 (2