Archer Limited : Archer Limited : Minutes from the Special General Meeting

  Archer Limited : Archer Limited : Minutes from the Special General Meeting

Hamilton, Bermuda (February 14, 2013)

Archer Limited (the "Company") advises that the Special General Meeting of the
Company was held  on February 13,  2013 at  10:00 a.m. (Bermuda  time) at  the 
offices of the Company, 4^th Floor, Par-la-Ville Place, 14, Par-la-Ville Road,
Hamilton HM08, Bermuda. 

All resolutions were passed in accordance with the proposals in the Notice  of 
the Special General  Meeting, and  the conditions for  completion the  Private 
Placement announced on February 8, 2013 are satisfied.

The following resolutions were passed:

1.That with effect from 12:00 p.m. (Bermuda time) on February 19, 2013, or
    such other time as may be determined by the Board of Directors of the
    Company (the "Effective Date") that the issued and paid-up share capital
    of the Company be reduced from US$733,318,240 to US$366,659,120 by
    cancelling the paid-up capital of the Company to the extent of US$1.00 on
    each of the issued shares of par value US$2.00 in the share capital of the
    Company as at the Effective Date so that each issued share of US$2.00
    shall from the Effective Date have a par value of US$1.00 be treated in
    all respects as one (1) fully paid-up share of par value US$1.00 ("Capital
    Reduction").
    
2.That upon the Capital Reduction taking effect, the amount of credit
    arising from the Capital Reduction be credited to the contributed surplus
    account of the Company and the Directors of the Company be and are hereby
    authorized to apply any credit balance in the contributed surplus account
    of the Company in accordance with the Bye-laws of the Company and all
    applicable laws.
    
3.That upon the Capital Reduction taking effect, all the 233,340,880
    authorised but unissued shares of US$2.00 each in the Company be cancelled
    and the authorized share capital of the Company of US$1,200,000,000 be
    diminished by US$466,681,760 representing the amount of shares so
    cancelled and forthwith upon such cancellation, the authorized share
    capital of the Company be restored to US$1,200,000,000 by creating
    833,340,880 shares of par value US$1.00 each, such that the authorized
    share capital will then comprise 1,200,000,000 shares of par value US$1.00
    each.
    
4.That upon the Capital Reduction taking effect, the register of
    shareholders (and each branch register and sub-register) shall be amended
    such that the shares in issue on the Effective Date shall be recorded as
    having a par value of US$1.00 each.

This information is subject of the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act.

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Source: Archer Limited via Thomson Reuters ONE
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