Quarterback Services, Archer's local agent in Malaysia, secures 1-year extension of PETRONAS Carigali contract for Well Integrity Services

STOCKHOLM,March 3,2021 -- Quarterback Services Sdn Bhd,the local agent of Archer Well Company (M) Sdn Bhd(Archer) has secured a one-year extension with PETRONAS Carigali Sdn Bhd (PETRONAS Carigali),a subsidiary of PETRONAS,for the provision of well downhole leak detection services using ultrasound technology. PETRONAS is a global energy and solutions partner and ranked amongst the largest corporations in Fortune Global 500®.

The contract was for an initial period of three years,plus one optional year. The extension will commence on 16th April 2021 until 15th April 2022.Pursuant to the extension,Archer will provide well integrity services ranging from downhole leak/flow detection,corrosion logging,ultrasound based downhole visualization and cement quality measurement services for PETRONAS Carigali's operations in Malaysian waters.

Lage Nordby,Vice President,Archer Wireline International,comments;

"This is an important extension for Archer as it provides us the opportunity to continuously offer our unique Well Integrity capabilities and serves as an excellent leverage for other potential customers contemplating tendering Well Integrity services at large. International.The contract extension is the result of the hard work done by the entire Asia-Pacific and Wireline International team and further establishes Archer as the leading provider in the Well Integrity services domain."

For additional information please contact:

Espen Joranger

Chief Financial Officer

Mobile: +47 982 06 812

Email: espen.joranger@archerwell.com

Joachim Houeland

Manager Treasury & Investor Relations

Mobile: +47 482 78 748

Email: joachim.houeland@archerwell.com

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