Q1 2026 Presentation

$1.2bn

'25 Revenue

$167m

'25 EBITDA

$4bn

Land

Drilling

Well

Services

Renewable

Services

Platform

Operations

Our products & services

YE '25 backlog1

50+ years

Operational experience

40

Locations globally

~3,500

Global personnel 2

1 Including options

2 Per 31.3.2026

3

Q1 Highlights - another strong quarter

• Q1 revenue of $278 million, down 7% YoY (up 15% when excluding divested

  Q1 Revenue ($m) Q1 EBITDA ($m)

  -7%

  
  
  

  299

  278

  0%

  
  
  

  300

  37

  37

  40

  workover business)

• Q1 EBITDA of $37.2 million, in line with same quarter last year (up 12% when excluding divested workover business)

• EBITDA margin of 13.4%, up from 12.5% same quarter last year

• Distribution to shareholders of $6.4 million in Q1 (NOK 0.62/share)

• Closed transaction to sell workover business in south of Argentina

• Awarded two integrated P&A contracts with Equinor, and a 3-year contract

  200

  100

  0

  Q1-25 Q1-26

  30

  20

  10

  0

  Q1-25 Q1-26

  extension for wireline services with ConocoPhilips Norway

  Q1 Revenue ($m) Q1 EBITDA ($m)

  Excluding divested workover business Excluding divested workover business

  Subsequent events

• Two contract extensions with Equinor for Wireline and Oiltools

• Awarded integrated geothermal drilling contract in Nevis

• Approved $6.6 million distribution to be paid to shareholders in Q2 (NOK 0.62/share)

  300 40

  +15%

  269

  234

  
  
  

  +12%

  36

  32

  
  
  

  30

  200

  20

  100

  10

  0

  Q1-25 Q1-26

  0

  Q1-25 Q1-26

  4

  
  
  Archer's EBITDA remains resilient Robust historical EBITDA Strong Q1 EBITDA relative to peers1

  Margin

  167

  149

  131

  109

  95

  82

  87

  94

  13%

  14%

  13%

  14%

  65

  12%

  12%

  12%

  10%

  8%

  EBITDA Q1 YoY (Q1 '26 vs. Q1 '25) -10% Peers 0%	Actual / reported
  EBITDA Q1 YoY (Q1 '26 vs. Q1 '25) -10% Peers	Excluding divested workover business2
  		+12%

  EBITDA
  
  

  '17

  '18

  '19

  '20

  '21

  '22

  '23

  '24

  '25 '26G

  1 Peers: average reported adj. EBITDA of Halliburton, Weatherford, Baker Hughes OFSE segment, SLB, Expro, OTL.

  5

  2 Both peers and Archer are not adjusted for acquired businesses since Q1 last year. Excluding Archer's acquisition of Premium, the YoY growth would be around +9%. Source: Public company reports

  
  
  Distribution of $6.6 million to shareholders in Q2 (~9% yield) Q2 cash distribution Archer with industry leading direct yield

  Shareholder program yields in industry1

  Payout per share: NOK 0.62 per share Total distribution: Approx. $6.6 million Payment date: May 27, 2026
  
  

  ~9%

  Share buybacks
  
  Dividends and cash distribution
  
  

  ~4%2

  ~4%

  ~3%

  ~3%

  ~2%

  ~2%

  ~2%

  Frequency: Quarterly
  
  LTM distribution: Approx. $24.5 million
  
  

  • Q2 distribution marks the fifth consecutive quarter of

Archer's shareholder distribution program

Archer Peer 1

Peer 3

Peer 7

Peer 2

Peer 4 Peer 5 Peer 6

1 Per 08.05.26. Peer sample include Odfjell Technology, SLB, Halliburton, Weatherford, H&P, Baker Hughes, Expro.

2 Peer 1: Currently paused dividends for two consecutive quarters. Yield quoted in graph reflects the quarterly dividends expected in 2026 (two in total). 6

Outlook for Archer backed by backlog of $3.4bn Revenue backlog implies ~$550m of EBITDA1 ~$420m contract value added to firm backlog YTD

Backlog ($bn)

~1.3

Q1 contract additions

Q2 contract additions

~0.9

~0.8

~0.7

Q1 revenue,

not part of backlog

Integrated subsea P&A for Equinor

3-year contract for well engineering and P&A operations of 30 subsea wells (NCS)

Integrated P&A services for Equinor

Engineering, project mgmt. CT, wireline and downhole P&A technology (with SLB), in the GoA

Wireline services for ConocoPhillips

2-year service extension for platform based well

intervention (NCS)

Wireline services for Equinor

3-year service extension for wireline & intervention services (NCS)

P&A and fishing services for Equinor

2-year extension of frame agreement for P&A solutions, fishing & mechanical isolation services (NCS)

Geothermal drilling contract

on Nevis Island, Caribbean

Integrated geothermal drilling services (Iceland Drilling)

'26 '27 '28 Thereafter

Revenue YTD Firm backlog Contract awards YTD Option

1 Based on backlog and projected EBITDA margin per division

Key takeaways

• Multi-year contracts strengthening backlog visibility

• Continued build-out of P&A backlog, reinforcing our position as a leading provider of integrated P&A services

• Strong activity across wireline and intervention supporting near-term earnings visibility

  7

  
  
  Reiterate our financial guidance for 2026 2026 financial estimates1 Key takeaways EBITDA ($m)

  Single-digit growth

  Capital expenditures

  6-7% of revenue

  '26E EBITDA by segments

  Well Services Platform Operations

  Land Drilling
  
  Renewable Services
  
  

  '25 '26G

  ~5% 6-7%

  ~5%

  15-20%

  45-50%

  ~30%

  '25 '26G

  • Single-digit growth expected for 2026 EBITDA, despite the sale of the workover business in the south of Argentina

    167

    
    
    

  • We expect 2-4 percentage points improvement in EBITDA margin from a more favourable revenue mix

    
    
    

  • EBITDA in second half of '26 is expected to be 10-20% higher

    than the first half, due to timing of project starts

    • Stronger first half from increased activity and better product mix, and delayed start-up of certain projects in second half, impacting H2 EBITDA

  • Capex estimated to be 6-7% of revenue, from growth investments serving new contract awards

    • Over the last 3 years, Archer's capex has been 5-6% of

      revenue2

    • Maintenance capex expected to remain stable at around 3% of revenue, in line with the historic average last 3 years2

      1 All figures assume stable USD/NOK and GBP/USD. The discontinued workover business in the south of Argentina is included in reported 2025 financials

      2 Using IFRS financials, and excluding the workover business in the south of Argentina 8

      Financials

      • Total revenue of $107.1 million represents an increase of 1% compared to Q1 2025

      • EBITDA of $14.2 million is stable from

        previous quarter, while it is an increase of

        $1.3 million compared to the same quarter last year

      • EBITDA margin of 13% in the quarter

        Operations

      • Brazil workforce reduction of ~200 personnel following cessation of Peregrino drilling and maintenance contract after transfer from Equinor to PRIO

      • Increased drilling activity across Norway operations

        9

      • UK mobilization and recruitment initiated for upcoming activity growth

        Platform Operations

        Revenues ($m)

        EBITDA ($m)

        180

        160

        25

        140

        120

        100

        80

        60

        40

        20

        0

        +1%

        133

        20

        120

        105

        106

        115

        107

        15

        10

        5

        0

        Q4-24 Q1-25 Q2-25 Q3-25 Q4-25 Q1-26

        Operational revenue EBITDA (right axis)

        Platform Drilling contracted rigs [# of rigs]

        40

        35

        30

        25

        20

        15

        10

        5

        0

        31

        31

        31

        31

        31

        29

        1

        1

        1

        1

        1

        1

        10

        Q4-24 Q1-25 Q2-25 Q3-25 Q4-25 Q1-26

        Maintenance mode rigs

        Active P&A units

        Active drilling rigs

        11

Financials Renewable Services

EBITDA ($m)

Revenues ($m)

40

+3%

39

40

10

35

34

30

8

23

6

20

16

4

10

2

0

0

Q4-24

Revenue

Q1-25

Q2-25

Q3-25

Q4-25

Q1-26

EBITDA (right axis)

Condensed profit & loss

• Total revenue of $278.4 million in Q1 2026, down $20.8 million. However, adjusted for sale of workover business in DLS South, underlying business increased by $35 million, driven by increased Well Services activity.

• EBITDA before exceptionals was $41.1 million, with a margin 14.8%, down from 15.1% last year

• Exceptional items of $3.9 million in the quarter mainly relates to down manning in Brazil

• EBITDA of $37.2 million is in-line with last year, however underlying up 12% adjusted for the sale of the workover business in DLS South in Argentina Q1 2026

• EBIT of $16.0 million

• Profit of $3.6 million

• Adjusted net income of $6.7 million

  $ million	Q1 2026	Q1 2025
  Revenues	278.4	299.1
  EBITDA before exceptional items	41.1	45.3
  EBITDA margin before exceptional items	14.8%	15.1%
  Exceptional items	(3.9)	(7.8)
  EBITDA	37.2	37.5
  EBITDA margin	13.4%	12.5%
  Depreciation, amortization and impairments	(20.1)	(19.0)
  Gain/(loss) on sale of business and assets	(1.0)	-
  EBIT	16.0	18.5
  Net interest expense	(13.0)	(37.5)
  Share of results in associated companies	0.1	-
  Other financial items	0.7	(13.7)
  Profit (loss) before income taxes	3.9	(32.7)
  Income tax benefit (expense)	(0.3)	4.8
  Profit (loss)	3.6	(28.0)
  Attributable to non-controlling interests	(0.4)	0.6
  Net adjustments	2.7	33.2
  Adjusted net profit (loss)**	6.7	5.2

  * Q1 2025 figures includes workover business (DLS South) divested during Q1 2026

  13

  **adjusted for impairments, exceptional items, gain on bargain purchase, MtM of financial assets, amortization of prepaid debt fees, make-whole, FX, timing of taxes and transaction cost

  
  
  

  $ million 31.03.2026 31.12.2025

Condensed balance sheet

• The main change in the balance sheet is the reduction of assets held for sale $28.9 million, related to closing the sale of the work over business in Argentina

• Available liquidity of $61 million and net interest-bearing

  debt (NIBD) $469 million.

  o Increase in NIBD in Q1 2026 explained by bi-annual interest payment, removal of Norwegian tax guarantee (skattetrekksgaranti) and build up of working capital as activity increases and in Archer Wind related to project changes and discussions on approval of variation orders with client for the offshore wind project

• Non-controlling interest is related to Archers 60% ownership in Iceland Drilling and 65% ownership in Vertikal Service.

• Equity of $179.8 million

  Property, plant and equipment 332.3 324.9

  Right of use assets 57.7 57.6

  Goodwill 199.5 196.2

  Intangible assets 33.9 32.5

  Investment in associates and JVs 4.2 4.0

  Deferred tax asset 35.2 34.9

  Other non-current assets 19.9 25.3

  9

  Assets held for sale - 28.9

  Cash and cash equivalents 29.7 40.6

  Trade receivables 188.1 187.8

  Inventories 71.1 71.9

  Other current assets 58.5 50.2

  Total assets 1,030.3 1,054.9

  Long-term interest-bearing debt 422.8 430.1

  Lease liabilities (non-current) 49.7 48.9

  Deferred tax 0.2 0.3

  Other noncurrent liabilities 8.2 6.6

  Liabilities - assets held of sale - 28.4

  Current portion of interest-bearing debt 72.0 37.8

  Lease liabilities (current) 10.3 10.5

  Trade payables 100.6 92.8

  Income tax 5.6 7.6

  Other current liabilities 160.9 192.3

  Shareholder's equity 179.8 179.0

  Non-controlling interest 20.2 20.7

  14

  Total liabilities and shareholders' equity

  1,030.3 1,054.9

  
  
  
  
  Archer's capital allocation strategy

  Shareholder returns

Shareholder

returns

• • Regular and sustainable shareholder return program, with quarterly cash distributions

  • Target to increase distributions over time, in line with the growth in earnings

    Selective accretive

    bolt-on acquisitions

  • Disciplined strategy, with selective accretive M&A

  • Targeting synergetic and cash generating bolt-on acquisitions with high financial returns (30-50%)

    Capex maintained at

    moderate levels

• Targeting total capex of 5-6% of revenue over time

• Focus on growth investments with high financial returns

  (30-50%)

• Self-funded capex program in Argentina

  Strong balance sheet and healthy debt levels

• Target a long-term leverage ratio of 1.5-2.0x

• Maintain solid liquidity at all times

• Aim to reduce overall cost of

capital in the long-term

15