Shelf Drilling, Ltd. and Ades International Holding Ltd – Completion of Merger

25 Nov 2025 17:50 CET

PRESS RELEASE

SHELF DRILLING, LTD. AND ADES INTERNATIONAL HOLDING LTD – COMPLETION OF MERGER

Dubai, November 25, 2025 – Reference is made to the stock exchange announcement
as of August 5, 2025 regarding the merger agreement entered into between Shelf
Drilling, Ltd. (“Shelf Drilling” or the “Company”), ADES International Holding,
Ltd. (“ADES”) and ADES International Cayman (the “Merger”) as well as the
subsequent announcements on September 16, 2025 regarding the revised terms of
the Merger.

Shelf Drilling and ADES are pleased to confirm that the effective time of the
Merger has occurred and that the Merger has now been completed. Accordingly,
ADES now wholly owns Shelf Drilling, and Shelf Drilling, Ltd. will be delisted
from the Oslo Stock Exchange.

As announced in the stock exchange announcement as of November 18, 2025,
containing “key dates” for the Merger, the merger consideration will be
delivered to the eligible Shelf Drilling shareholders on or about December 1,
2025. The merger consideration is NOK 18.50 in cash for each Shelf Drilling
share held by Shelf Drilling shareholders as recorded in the VPS on 27 November
2025.

An application to delist the Company from the Oslo Stock Exchange will be filed
shortly.

Prior to and as required for completion of the Merger, Shelf Drilling (North
Sea) Holdings, Ltd. has today notified Nordic Trustee AS that it exercises the
call option to redeem all outstanding bonds under its senior secured USD
315,000,000 bond issue 2024/2028 with ISIN NO0013220285 with original maturity
date 22 November 2028. The entire bond issue will be repaid at a price equal to
the Make Whole Amount, corresponding to 106.79248 per cent of the nominal amount
plus accrued interest, with record date on 8 December 2025 and call option
repayment date on 10 December 2025.

Furthermore, Shelf Drilling Holdings, Ltd. has today, prior to and as required
for completion of the Merger, notified Wilmington Trust, National Association,
as trustee, that it exercised the call option to redeem all outstanding bonds
under its senior secured USD 1,095,000,000 bond issue 2023/2029 with ISIN
US822538AH74/USG23618AG91 with original maturity date 15 April 2029. The entire
bond issue will be repaid at a price equal to 104.813% of the principal amount
plus accrued and unpaid interest from October 15, 2025 (the last interest
payment date) to, but excluding, 4 December 2025 (the “Redemption Date”).

For further information, please contact: investor.relations@shelfdrilling.com

About Shelf Drilling
Shelf Drilling is an international shallow water offshore drilling contractor
with rig operations across the Middle East, Southeast Asia, India, West Africa,
the Mediterranean and the North Sea. Shelf Drilling was founded in 2012 and has
established a strong reputation within its industry for its fit-for-purpose
strategy and close working relationship with industry leading clients. The
Company is incorporated under the laws of the Cayman Islands with corporate
headquarters in Dubai, United Arab Emirates. The Company is listed on the Oslo
Stock Exchange under the ticker “SHLF”.

Additional information about Shelf Drilling can be found at
www.shelfdrilling.com

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

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