Shelf Drilling Holdings, Ltd. Offer to Purchase for Cash Any and All of the Outstanding 2024 Notes and 2025 Notes

26 Sep 2023 16:43 CEST

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR
INDIRECTLY, TO ANY PERSON LOCATED OR RESIDENT IN ANY JURISDICTION WHERE TO DO SO
WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF SUCH JURISDICTION.

THIS ANNOUNCEMENT IS FOR INFORMATION ONLY AND IS NOT AN OFFER TO PURCHASE OR A
SOLICITATION OF AN OFFER TO SELL ANY SECURITIES.

PRESS RELEASE

SHELF DRILLING HOLDINGS, LTD. OFFER TO PURCHASE FOR CASH ANY AND ALL OF THE
OUTSTANDING 2024 NOTES AND 2025 NOTES

September 26, 2023 – Shelf Drilling Holdings, Ltd. (the “Company”), an exempted
company, limited by shares and incorporated under the laws of the Cayman Islands
and an indirect wholly-owned subsidiary of Shelf Drilling, Ltd., upon the terms
and subject to the conditions set forth in the offer to purchase dated September
26, 2023 (as it may be amended or supplemented from time to time, the “Offer to
Purchase”), offers (the “Offers”) to purchase for cash any and all of its
outstanding 8.875% Senior Secured First Lien Notes due 2024 (the “2024 Notes”)
and any and all of its outstanding 8.250% Senior Notes due 2025 (the “2025
Notes” and together with the 2024 Notes, the “Notes”) validly tendered on or
before the Expiration Date. The Offers are being made to each registered holder
(each a “Holder” and, collectively, the “Holders”) of the relevant Notes,
pursuant to the terms and subject to the conditions set forth in the Offer to
Purchase for the considerations calculated with reference the information
included in the attached announcement.

This information may be considered to be inside information pursuant to the EU
Market Abuse Regulation (MAR) and may be subject to the disclosure requirements
pursuant to MAR article 17 and Section 5-12 the Norwegian Securities Trading
Act. This stock exchange announcement was published by Prerna Nandwani, Senior
Manager – Corporate Communications, at the date and time as set out above.

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600320_Shelf Drilling Holdings, Ltd. Offer to Purchase for Cash Any and All of the Outstanding 2024 Notes and 2025 Notes.pdf