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Archer Q3 2026 Trading Update 21 October 2026
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2 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 that are “forward-looking.” All statements, other than statements of historical fact, are statements that could be deemed forward-looking statements, including statements preceded by, followed by or that include the words “estimate,” pro fo rma numbers, “plan,” project,” “forecast,” “intend,” “expect,” “predict,” “anticipate,” “believe,” “think,” “view,” “seek,” “target,” “goa l” or similar expressions; any projections of earnings, revenues, expenses, synergies, margins or other financial items; any statements of the plans, strate gies and objectives of management for future operations, including integration and any potential restructuring plans; any statements concerning prop osed new products, services, developments or industry rankings; any statements regarding future economic conditions or performance; any statemen ts of belief; and any statements of assumptions underlying any of the foregoing. Financials figures presented for 2026 are unaudited. Forward-looking statements do not guarantee future performance and involve risks and uncertainties. Actual results may differ materially from projected results due to certain risks and uncertainties. Further information about these risks and uncertainties are set forth in our most recent annual report for the year ending December 31, 2025. These forward-looking statements are made only as of the date of this press release. We do not undertake any obligation to update or revise the forward-looking statements, whether as a result of new information, future events or otherwise. The forward-looking statements in this report are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, management’s examination of historical operating trends, data contained in our records and other data available from Fourth parties. Although we believe that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies, which are impossible to predict and are beyond our control, we cannot assure you that we will achieve or accomplish these expectations, beliefs or projections. Disclaimer
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3 Our products & services Well Services Land Drilling Platform Operations Renewable Services $1.2bn ’25 Revenue $4bn YE ’25 backlog1 $167m ’25 EBITDA 50+ years Operational experience ~3,800 Global personnel 40 Locations globally 1 Including options P&A
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4 Q3 Financials Revenue ($m)1 Q3 Revenue $268m EBITDA ($m)1 Adj. EBITDA ($m)1,2 Backlog ($bn)3 Q3 EBITDA $44m 16.5% margin Q3 adj. EBITDA $48m 18.1% margin Q3 Backlog $3.8bn 269 263 268 Q3-25 Q2-26 Q3-26 -1% 42 48 48 Q3-25 Q2-26 Q3-26 +15% Q1-26 Q2-26 Q3-26 3.4 3.9 3.8 41 45 44 Q3-25 Q2-26 Q3-26 +8% 1 Excluding the divested workover business in Argentina 2 EBITDA before exceptional items 3 Includes contract awards announced before time of quarterly reporting (e.g. Q2 backlog value also includes contracts announce d early Q3)
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5 Elevated NIBD and pause in shareholder distribution NIBD development ($m) Comments 2019 2022 2025 Q3 2026 796 582 505 2016 435 ~525 -45% +20% LD PO WS Wind & other Planned growth investments to support new long-term contracts • Increased NIBD in 2026 mainly due to commercial challenges in the Culzean wind project and planned high investments across the business • Negations with the client for the Culzean project related to large variation orders, and a claim against a subcontractor, have taken longer than anticipated and remains unresolved. Any future resolution to these issues will reduce the debt level accordingly • Given the dividend restrictions under the Company's financing arrangements, current leverage level, and uncertainty regarding the timing and amount of potential recoveries, Archer will temporarily pause its shareholder distributions • Archer will revisit its shareholder distribution program early 2027
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6 • Large integrated P&A contract for fields operated by Apache, covering about 260 wells1 • 5-year contract for an additional super-spec drilling rig to YPF in Vaca Muerta (about $90m in contract value)1 • Awarded 3-year drilling contract for two rigs with YPF in Vaca Muerta, with an optional 2-year extension ($100-110m)2 • Awarded a 5-year contract in Brunei for the provision of wireline services in partnership with AMRTUR2. The partnership will further support introduction of Archer’s broad offering, including services for the material P&A market in Brunei Continued momentum in contract awards 1 Contract also highlighted in Q2 presentation as part of Q2 backlog 2 Contract award in the beginning of October
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7 Strong earnings visibility from backlog of $3.8bn Revenue backlog implies about $600m of EBITDA1 Strong visibility and high backlog coverage 1 EBITDA estimate based on revenue backlog and projected EBITDA margin per division. Revenue backlog is estimated based on leng th of contracts and the estimated annual revenue from the agreed scope in each contract or framework agreement. The estimated amount is not guaranteed, as the client can choose to either increase or reduce activity. 2 P&A contracts are part of the Platform Operations and Well Services backlogs Revenue backlog ($bn) ~0.8 ’26 ’27 ’28 Thereafter ~1.0 ~0.9 ~0.9 ~1.9 Revenue YTD Firm backlog Option YTD Revenue • Long-term visibility through Platform Operations contracts with blue-chip clients, totalling close to $1.8bn in backlog • Continued growth for Well Services, with a backlog of more than $1bn • Integrated P&A contracts constitute around $800m of backlog (part of WS/PO2) • Land Drilling backlog of ~$900m represents 4-5 years of 2026E revenue run-rate • With an estimated revenue in 2026 of above $1bn, the backlog for 2027 indicate that about 80% of next year’s revenue is already contracted • Further contribution expected from framework agreements and other activity that is not part of backlog, in particular short cycle opportunities for Well Services Backlog distribution by segment Backlog remainder of year (Q4) ~3% Renewable Services Land Drilling Platform Operations Well Services 25-30% ~45% ~25%
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8 Land Drilling: Solid earnings visibility through $900m backlog Drilling rigs 2026 2027 2028 2029 2030 Land Drilling contracts overview Client Set for growth in Vaca Muerta • Oil production and rig demand in Vaca Muerta is growing materially • Two super-spec drilling rigs have recently started operations for YPF, while two additional rigs (177 and 160) are set to commence operations by Q1 2027 Long-term contracted revenue • Close to $900m in revenue backlog, extending through 2030 and beyond • Long-standing customer relationship with leading Argentinian operators, YPF and Pan American Energy Strong operations and financial results • Growing activity, high rig utilization and efficient drilling operations supports improved EBITDA and cash flow generation Well positioned in the growing Vaca Muerta 7 10 12 Q1 2026 Q3 2026 2027 +71% DR#166 (high-spec) DR#167 (high-spec) DR#168 (high-spec) DR#169 (high-spec) DR#170 (high-spec) DR#175 (super-spec) DR#176 (super-spec) DR#001 (high-spec) DR#165 (high-spec) Inc. MPD set Incl. MPD set Incl. MPD set Incl. MPD set Incl. MPD set Incl. MPD set Incl. MPD set Option Option DR#177 (super-spec) Incl. MPD set (until 2032) DR#163 (conventional) DR#160 (unconventional) New contract Option (2yr) New contract Option (2yr) Active onshore drilling rigs
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9 Culzean floating wind pilot: Offshore commissioning ongoing Culzean pilot: Tow-out completed Comments • In Q3, Archer Wind completed the main project deliveries of the floating wind turbine • Tow-out to field has now been completed and offshore commissioning is currently ongoing • Offshore commissioning is the responsibility of the client and Archer is supporting with personnel • Archer has decided not to pursue further offshore wind EPC projects, and will pursue strategic options for Archer Wind, including partial or full divestment Final assembly (completed) 3Tower lift (completed) 2Load out (completed) 1 Tow-out (completed) 4 Offshore commissioning (ongoing) 5
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10 • Single-digit growth expected for 2026 EBITDA, despite the sale of the workover business in the south of Argentina • 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 5-15% higher than the first half, due to timing of project starts • Capex estimated to be 6-7% of revenue, from growth investments serving new contract awards o Over the last 3 years, Archer’s capex has been 5-6% of revenue2 o Maintenance capex expected to remain stable at around 3% of revenue, in line with the historic average last 3 years2 Reiterate our financial guidance for 2026 EBITDA ($m) Single-digit growth ’25 ’26G 167 Capital expenditures 6-7% of revenue 1 All figures assume stable USD/NOK and GBP/USD. The discontinued workover business in the south of Argentina is included in re ported 2025 financials 2 Using IFRS financials, and excluding the workover business in the south of Argentina ’25 ’26G ~5% 6-7% Key takeaways ’26E EBITDA by segments ~30% ~5% ~25%~40%Well Services Platform Operations Land Drilling Renewable Services 2026 financial estimates1
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11 Appendix
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12 Strong and resilient EBITDA growth over time 65 82 109 87 95 94 131 149 8% ’17 10% ’18 13% ’19 12% ’20 ’23 13% ’24 14% ‘25 ’26B’21 167 12% ’22 14% 12% +21% CAGR ’22-’25 EBITDA margin Peers EBITDA 2017-2026B1 Comments • Strong EBITDA CAGR of 21% from 2022- 2025 and 13% from 2017-2025, driven by organic growth and M&A • EBITDA margin expansion over time with further improvement in 2026 • Proven ability to steer through market cycles • Archer EBITDA continues to grow in 2026, while most oil service majors have reported declining EBITDA2 • On track to reach guided single-digit growth in 2026 EBITDA, despite the sale of the workover business in the south of Argentina 1 Estimated IFRS financials, unaudited. Includes the sold workover business in south Argentina. 2 Halliburton, Weatherford, Baker Hughes OFSE, and SLB have reported YoY -decline in H1 2026 EBITDA
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13 Well Services • Seasonal strong quarter as revenue was reported at $86.7 million; 18% higher than Q3 2025 • EBITDA of $19.7 million represents a 17% increase compared to same quarter last year. • EBITDA margin of 22.7% in the quarter Financials Operations • Started transition on wireline services for Apache P&A contract • Norway operations temporarily impacted by strike in another offshore industry segment • Awarded wireline contract in Brunei in partnership with Amrtur in October 73 83 89 87 10 12 14 16 18 20 40 50 60 70 80 90 100 Q3-25 Q4-25 Q1-26 Q2-26 91 Q3-26 Revenue EBITDA EBITDA ($m)Revenues ($m) Financials to be verified
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14 Platform Operations • Total revenue of $98.9 million represents a decrease of 26% compared to Q3 2025, following losses of contracts in Brazil and no MDR activity this quarter • EBITDA of $15.5 million is $3.5 million higher compared to previous quarter • Strong EBITDA margin of 15.6% in the quarter, up from 13.7% same quarter last year and up from 12.5% in Q2 Financials Operations • Three P&A rigs in preparation for operational startup, one set to commence late Q4 and two rigs to start up next year • Contract win in the UK with Apache/Well- safe for P&A of more than 260 wells • Contracts with Neo Next+, Apache and Equinor (Titan), is expected to increase activity next year • Five platforms added to rig overview, as P&A activity is set to commence1 133 107 99 0 5 10 15 20 0 20 40 60 80 100 120 140 160 180 Q3-25 Q4-25 Q1-26 Q2-26 Q3-26 115 96 Operational revenue EBITDA (right axis) EBITDA ($m)Revenues ($m) 11 11 11 10 11 0 5 10 15 20 25 30 35 40 1 Q3-25 1 Q4-25 1 Q1-26 0 Q2-26 31 31 30 28 Q3-26 34 1 Maintenance mode rigs Active P&A units Active drilling rigs Platform Drilling contracted rigs [# of rigs]1 1 5 platforms added to rig count in Q3 26 that have previously been omitted due to no activity Financials to be verified
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15 Land Drilling • Revenue in the quarter of $52.2 million is flat from previous quarter. • EBITDA of $10.0m is up by 84% from the same quarter last year, on strong operational performance • EBITDA margin of 19.1% in the quarter, up from 8.6% same quarter last year Financials Operations • Drilling activity increased in the quarter by two additional super-spec rigs that have commenced operations for YPF in Vaca Muerta • Third super-spec rig leased from Patterson is set to commence operation for YPF in Q1 2027 • One additional rig to begin operations in Q1 2027 63 64 52 0 2 4 6 8 10 12 14 0 10 20 30 40 50 60 70 80 Q3-25 Q4-25 Q1-26 Q2-26 Q3-26 48 52 Revenue EBITDA (right axis) EBITDA ($m)1Revenues ($m)1 6 7 7 8 10 0 5 10 15 20 25 30 35 40 Q3-25 Q4-25 Q1-26 Q2-26 Q3-26 30 30 8 9 11 Workover & Pulling units Drilling rigs Number of active Archer rigs1 1 Baker Hughes rig count per October report Workover business sold 1 Historic figures include sold workover business Financials to be verified
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16 Renewable Services • Revenue in the quarter of $29.8 million increased compared to Q2 as the Culzean wind is approaching finalization and due to increased geothermal drilling activity • EBITDA of $2.4m in the quarter, mainly from Iceland Drilling geothermal activity Financials • Main project deliveries on the Culzean wind pilot has been completed, with offshore commissioning currently ongoing • The project has experienced challenges, delays and additional costs. We are currently in negotiations with the client regarding the settlement of several large variation orders, and we are in dispute with a major subcontractor related to defects in delivery. Operations 34 39 40 25 30 0 2 4 6 8 10 12 0 10 20 30 40 50 Q3-25 Q4-25 Q1-26 Q2-26 Q3-26 Revenue EBITDA (right axis) EBITDA ($m) Revenues ($m) Financials to be verified
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17 Elevated NIBD from working capital in Archer Wind and planned growth investments NIBD development ($m) 2026 investments and Archer Wind 2019 2022 2025 Q3 2026 796 582 435 ~525505 ~40 2016 ~20~15~15 -45% +20% LD PO WS Wind &Other • 3 rigs mobilized from US for 5-year contracts, with associated capex • Drill pipes for large YPF contract ($600m value) • Offset by proceeds from sale of idle equipment Land Drilling • Investment in P&A units for long-term P&A contracts with Neo Next, Apache and Equinor Platform Operations • Investments for long-term contracts with Apache and for wireline contract in Brunei • Other investments to support growth and new technology Well Services • Archer wind Culzean project working capital • M&A P&A technology investment • Partly offset by proceeds from sale of assets Other 16.3x 5.6x 5.3x 2.5x 2.6x NIBD/LTM EBITDA NIBD impact YTD (net)