Archer Limited has been awarded a four-year contract extension for platform drilling services for Equinor in Norway with an estimated contract value of NOK 8 billion. Under the contract, Archer will provide platform drilling services to nine out of Equinor's 19 installations on the Norwegian continental shelf. Archer will service Gullfaks A, B and C, Sleipner A, Snorre A and B, and Statfjord A, B and C. At year-end 2023, Archer's order backlog stood at USD 1.7 million, equivalent to approximately NOK 18 billion.

The contract extension with Equinor, worth an estimated NOK 8 billion, increases Archer's order backlog with approximately 40%. The extension will commence on October 1, 2024 in direct continuation of the current contract. From now until October 1, 2024, Archer will operate under the current Equinor contract, servicing 12 rigs on the Norwegian continental shelf.