2nd February 2026
Q4 2025 Trading Update1
2
Business segment update
3
Outlook and guidance
4
Appendix
Agenda$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
Key milestones for Archer in 20252025 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)
Q4 Highlights - continued growthIFRS2 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 eventsApproved $6.4m distribution to be paid to shareholders in Q1 20261
Awarded integrated P&A contracts in Norway and deepwater Gulf of America
Sold workover business in the south of Argentina
1 500
1 000
500
200
+12%
166.5
149.3
+8%
1 209
1 118
150
100
50
0 0
Conversion to IFRS reportingFrom US GAAP to IFRS
We have converted from US GAAP to IFRS accounting policy from and
including Q4 2025
The reason for the conversion is to align with the majority of the companies reporting at the Oslo Stock Exchange
All financial reports and presentations, including this trading update, will from now on present financials using IFRS accounting standards, unless otherwise stated
Q4 Revenue ($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 awardsKey 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
P&A execution for Equinor ($140m2)
P&A planning and execution of 30 subsea wells
Subsea P&A for Equinor ($150m)
7-year frame agreement, for engineering and planning of P&A
Drilling services for PAE in Vaca Muerta ($60m)
2-year contract renewal, for 2 rigs
Drilling services for YPF in Vaca Muerta ($600m)
5-year contract, covering 7 high spec rigs and MPD sets in VM
Platform Drilling extension with Aker BP
3-year extension of current PD service contract
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.
Outlook for Archer backed by backlog of $3.6bnRevenue backlog ($bn) Comments
Excluding the workover business in south Argentina1
~1.4
Firm backlog of $2.3bn, with an additional $1.3bn in contract options
Close to half of backlog coming from long-term platform operation contracts with blue-chip E&P operators, with Equinor being the largest
Well services revenue usually based on framework agreements that are not included in the order backlog
Land Drilling backlog increases materially through $600 million contract with YPF
Backlog by divisions
Firm
Option
~1.0
~0.8
~0.7
~0.6
~$550m
EBITDA implied
from current backlog2
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)
Strengthened capital structure and dividend program initiatedBond refinancing Shareholder distribution program
Q1 2025 Q2 20251
9.5% fixed
$425m
Bond issue Coupon
Senior secured bond issue of $425m
Reduced cost of debt
Five-year term, pushing maturity to 2030
$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
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