#1Archer overview DNB Oil, Offshore & Shipping Conference 2019 6 March 2019 Archer#2Disclaimer - forward looking statements Cautionary Statement Regarding Forward-Looking Statements Archer 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 forma numbers, “plan,” project,” “forecast,” “intend,” “expect,” “predict,” “anticipate," "believe," "think," "view,” “seek," "target," "goal" or similar expressions; any projections of earnings, revenues, expenses, synergies, margins or other financial items; any statements of the plans, strategies and objectives of management for future operations, including integration and any potential restructuring plans; any statements concerning proposed new products, services, developments or industry rankings; any statements regarding future economic conditions or performance; any statements of belief; and any statements of assumptions underlying any of the foregoing. Forward-looking statements do not guarantee future performance and involve risks and uncertainties. Actual results may differ materially from projected results/pro forma results as a result of 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, 2017. 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. Note: The numbers used in this trading update are preliminary and rounded to nearest $1 million 2#3• Archer A global oil service company with more than 5,000 employees Platform Drilling & Engineering Land Drilling Well Services A people business Operates 45 platforms • Owns and operates 2 modular drilling rigs • Provides engineering services An asset business • Owns and operates 81 land rigs in Argentina and Bolivia for drilling, workover and pulling services Technology & services Provides well integrity services and technologies Deploys well intervention products Associated investments 28.2% ownership in Quintana Energy Services (NYSE:QES) 50% ownership in C6 Technologies (intervention / conveyance) 3#4Archer A global oil service company with more than 5,000 employees Platform Drilling & Engineering Land Drilling Well Services 140 120 100 80 60 60 60 40 16% 35 35 18% 30.4 14% 50 16% 30 26.5 14% 82.3 12% 79.4 25 25 22.0 12% 10% 20 20 10% 8% 15 8% 6% 6% 10 4% 4% 2% 5 2% 0% 0 0% Q4 17 Q3 18 Q4 18 Q4 17 Q3 18 Q4 18 12% 120 120.3 97.6 10% 100 97.4 99.7 20 20 8% 80 6% 60 4% 40 40 2% 20 0 0% Q4 17 Q3 18 Q4 18 • Platform Drilling and Engineering increased revenue by 20% from third quarter • Land Drilling has delivered. two consecutive quarters with EBITDA margin above. 13% • Well Services revenue up 38% compared to same quarter last year#5Fourth quarter highlights 2018 - Best operating result since 2015 • Revenue of $233.2 million, up 9% from third quarter. Archer ⚫ EBITDA before exceptional items of $26.9 million, up 63% from Q4 2017. ⚫ EBITDA of $24.3 million, up 65% from Q4 2017. • EBIT of $10.7 million or 4.6% of revenue. Revenue [$m] 250 223.7 213.7 200 150 100 50 EBITDA [$m] 30 233.2 25 20 14.7 15 10 EBIT [$m] 12 10.7 10 24.3 8.6 22.4 8 6. + 2 0 Q4-17 Q3-18 Q4-18 -2 -3.5 0 -6 Q4-17 Q3-18 Q4-18 Q4-17 Q3-18 Q4-18 LO 5#6We delivered on our promises for 2018 Archer Status 1 All business units in the Eastern Hemisphere experiencing increased demand with combined expected revenue growth of 15% over 2017. 18% above 2 3 Average EBITDA margin before restructuring expected to improve 1- 2% points over 2017. 2% points improvement Improved EBITDA in second half of year on the back of higher activity, reduced cost and incentive terms in Land Drilling. 46% higher 4 Capex below 3% of revenue. 5 Strategic process for onshore US ongoing. 2.7% of revenue Completed CO 6#7Platform Drilling & Engineering North Sea market leader · • • Operates and maintains operator owned drilling equipment. Engineering services and rental of drilling tubulars Long-term contracts and strong cash flow generating business with limited capex. • Growth enablers: - Deploy modular rigs (several opportunities with start-up in 2020) - Expand services offered in North Sea - Expand rental equipment - Grow selectively internationally Archer Archer Archer Archer Secures production on 45 offshore platforms globally #1 in Norway #1 in UK Own and operate 2 modular drilling rigs ~2000 multi-skilled platform operators ~180 skilled engineers 7#8Platform Drilling & Engineering $1 billion of firm backlog Contract backlog 2019-2021* Archer Country Operator Nr. of platforms Q1 2019 Q2 2020 2021 2022 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Apache Chevron 2 Fairfield 1 Life of Field P&A expected to finish Marathon 2 Shell Shell 1 P&A expected to finish Repsol Sinopec 7 Aker BP 3 ConocoPhillips 3 Repsol 1 Equinor 12 Equinor 1 Equinor 2 Energean 1 * = Excludes platforms under contract that have been permanently abandoned Q3 Q4 Life of Field Firm Contract Contract Options 8#9Land Drilling A leading player in the largest unconventional play outside US • • • • Leading provider of land drilling and workover services in Argentina and Bolivia. Strong market position and long-term contracts in the Vaca Muerta play. • Currently ~2100 employees. Operations split into: - North (Vaca Muerta & Bolivia) Strong operational and financial performance; South (San Jorge Gulf / brownfield) Challenging business environment, but have made significant sustainable operational improvements Archer Archer Own and operate 81 drilling rigs, workover and pulling units #1 in Bolivia #2 in Vaca Muerta (Argentina) 6#10Land Drilling We believe the 2018 operational improvements are sustainable Leading market share Operational improvement (2018 vs 2017) Archer Ambitious goals set by Argentine Government 1) Vaca Muerta 20% Golfo San Jorge 32% Est. Archer market share (revenue) + ~8% headcount reduction in Argentina ~18 % more wells drilled per rig in South + Double the oil and natural gas production within five years CAGR of Investments 2018-2024 = 19% Land Drilling South re-negotiated its main contract with Pan American Energy ব Enhance Argentina's trade balance through net exports totaling $15 billion by 2023 Land Drilling right-sized and well positioned to deliver stable performance 1) Argentina Energy Plan 2018, Secretario de Gobierno de Energia 10#11Well Services Provides high-end well integrity technologies and services • A global technology provider of tools and equipment for oil & gas wells. • Industry leader for gas-tight well integrity products. • Technology and application portfolio greatly expanded over recent years. Full range of wireline intervention services in Norway with a ~40% Archer Well services is a global business US GOM Norway UK Denmark Sakhalin Newfoundland Romania -Holland Azerbaijan Israel Qatar UAE Egypt Philippines Nigeria Saudi Arabia Myanmar Malaysia Brunei Indonesia Trinidad Guyana Congo Angola Australia market share. Expected mix of new vs. existing products • • Proprietary well diagnostic 100% 80% technologies being deployed globally. 60% 40% Unique conveyance solutions. 20% 0% 2017 2018 2019P Existing technology 2020P New technology 2021P 11#12Strong liquidity position and improving credit metrics. • Main credit facilities mature Q3 2020 with subordinated loan from Seadrill maturing in 2021. • • Archer operates well within all covenant requirements including liquidity, EBITDA and Capex. Significant EBITDA-improvement and reduced NIBD. - NIBD/EBITDA ratio down 50% since 2016 NIBD/EBITDA ratio meaningfully reduced over the last two quarters. Non-consolidated associated investments (QES and C6) further lowers NIBD/EBITDA ratio compared to graph • Robust liquidity position of approximately $139 million. Archer Debt amortization profile [$m] 800 700 600 500 400 300 200 100 7 0 2019 18 16 16 14 14 12 10 88 6 4 2 0 93 582 2020 Amortisation profile Undrawn 58 58 2021 Net Interest Bearing Debt / EBITDA 80 6 Q4-16 Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18 Q3-18 Q4-18 NIBD / LTM EBITDA NIBD / Run rate EBITDA 12#13. Outlook Archer expects continued growth in 2019 on the back of strong backlog: Revenue set to increase 4-6% over 2018 Archer - Eastern Hemisphere set to further increase 15-20% from 2018 . • EBITDA margin about 10-12% Capex 3-4% of revenue Robust liquidity and strong operational cash flow Beyond 2019, Archer is well positioned for further growth: Platform Drilling with good prospects to deploy modular drilling rigs from 2020 New technology revenue in Well Services and general market rebound to drive growth Modern assets and attractive market position in Vaca Muerta Archer 13#14Appendix Archer#15Associated investments QES and C6 Technologies • QES QES is a growth-oriented provider of diversified oilfield services focused on U.S. unconventional resources. Operate via four segments: - Directional Drilling. - Pressure Control. - Pressure Pumping. - Wireline. • СБ TECHNOLOGIES Archer C6 Technologies is an oilfield technology company offering new solutions for well intervention and conveyance: 1. ComTracⓇ - A carbon composite rod conveyance/intervention system. 2. A unique and innovative downhole tractor - the C6 WellDrone®. 3. An extensive mechanical service platform (MSP) of downhole intervention tools. • Listed on the New York Stock Exchange (NYSE:QES). LTM Revenue $576m LTM EBITDA $45m $203m Market cap $191m Archer ownership EV Two ComtracⓇ units in commercial operation Archer ownership 28.2% C6 WellDrone® and all MSP tools ready for field test 50% 15#16Archer is positioned in segments with positive outlook in rebounding markets Business units Platform Drilling & Engineering Land Drilling Well Services Platform Drilling Engineering Modular rigs Land Drilling North Land Drilling South Oiltools Wireline Key drivers • Lowest cost production drilling for platforms with drilling facilities P&A market in the North Sea for Modular rigs Land drilling market in Bolivia and Argentina • Well intervention & P&A • New products Archer Key region Outlook* North Sea North Sea Global offshore Bolivia and Vaca Muerta Southern Argentina North Sea, Global offshore and Middle East onshore * Medium term growth outlook 16