Archer announces renewed contract and reduced activity in the south of Argentina

Bermuda, April 28 -- Archer announces that Pan American Energy ("PAE") is renewing the contracts for 9 pulling units and 8 workover units working in the south of Argentina. The current contract expires in June 2025 and have been renewed for 3 years with options for two additional years. The estimated backlog for the renewed contract scope is around $210 million.In parallel, Archer announces reduced activity in the region. Archer is working closely with the local unions to reduce the impact on employees and the community. The reduction in activity will in isolation reduce our backlog by about $125 million.

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