SHLF - Potential block purchase of existing shares in Shelf Drilling by a financial investor

21 May 2025 08:45 CEST

An undisclosed financial investor (the “Buyer”) has engaged ABG Sundal Collier
(the "Manager") to explore a potential block purchase of up to approximately
12.8m shares in Shelf Drilling (the "Company"), representing approximately 5% of
the outstanding shares (the "Offering"). The Buyer reserves the right, at its
sole discretion, to increase or reduce the size of the Offering (among other
depending on the final Offering price) or to purchase no shares at all.

The Offering will be conducted as a reverse bookbuilding process in which all
existing shareholders in the Company (who may legally offer shares without the
requirement for any prospectus, offer document or other measures) are invited to
sell shares to the Buyer at a price level defined by the respective selling
shareholders by contacting the Manager (please find relevant contact details
below). The final Offering price will be set based on the sales orders received
at a level representing a satisfactory price and volume level (to be determined
by the Buyer at its sole discretion).

The final purchase price will be identical for all selling shareholders.

The reverse bookbuilding period commences at 09.00 CEST and is expected to close
at 16:30 CEST today (21 May 2025). The result of the Offering (including the
final Offering size and Offering price) is expected to be published before
opening of markets on 22 May 2025.

Notification of allocation is expected to be made available by the Manager on or
about 21 May 2025 and settlement is expected to take place on or about 23 May
2025 (T+2) on a delivery versus payment basis (DVP).

In the event that the total volume offered by selling shareholders in the
Offering exceeds the final Offering size at or below the final Offering price,
the allocation will, to the extent possible, be made on a pro rata basis based
on the volume offered by each selling shareholder with the objective of treating
all selling shareholders equally based on their indicated interest in
participating in the Offering at or below the final Offering price.

The Buyer may, at its sole discretion, extend, shorten or cancel the reverse
bookbuilding period at any time and for any reason without notice. If the
reverse bookbuilding period is extended or shortened, the other dates referred
to herein might be changed accordingly.

Existing shareholders in the Company wishing to participate in the Offering may
contact the Manager at +47 22 01 60 28 in order to place a sales order. Existing
shareholders in the Company who would like to participate in the Offering who
are not registered as clients of the Manager must establish a client
relationship before participating.

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