HAMILTON, Bermuda, Oct. 31, 2024 /PRNewswire/ -- Paratus Energy Services Ltd. (Oslo: PLSV) (the "Company") refers to the Company's announcement of large shareholding in Archer Limited, available on ticker "ARCH" and set out below.

Archer Limited: Disclosure of large shareholding

Hamilton, Bermuda (31 October 2024)

Reference is made to the announcements made by Archer Limited ("Archer" or the "Company") on 30 October 2024 and 31 October 2024 regarding the private placement (the "Private Placement") of new shares in the Company ("Shares").

Paratus JU Newco Bermuda Limited, a wholly owned subsidiary of Paratus Energy Services Ltd. ("Paratus"), has subscribed for and been conditionally allocated 5,891,614 Shares in the Private Placement announced by Archer. Paratus has been allocated Shares in Tranche 2, and the issuance and delivery of such shares are subject to approval by the special general meeting in Archer.

Prior to the Private Placement, Paratus held 15,692,212 Shares, representing 24.15% of the share capital and votes in the Company.

Following the delivery of Shares in tranche 1 of the Private Placement, Paratus will be temporarily diluted to 19.99% of the issued share capital of Archer, and will accordingly temporarily cross below the 20% threshold pursuant to Section 4 -2 (1) of the Norwegian Securities Trading Act.

Subject to, and following issuance and delivery of the new Shares pertaining to Tranche 2 in the Private Placement, Paratus will hold 21,583,826 Shares in Archer, equal to 24.15% of the share capital of Archer. Paratus ownership in Archer following the transaction is unchanged.

For further information, please refer to the press releases regarding the Private Placement announced by Archer on ticker "ARCH" on 30 October 2024 and 31 October 2024.

This information is subject to the disclosure requirements pursuant to section 4 -2 of the Norwegian Securities Trading Act.

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SOURCE Paratus Energy Services Ltd