Shelf Drilling, Ltd. - Last day of trading including right to merger consideration

25 Nov 2025 07:00 CET

PRESS RELEASE

SHELF DRILLING, LTD. – LAST DAY OF TRADING INCLUDING RIGHT TO MERGER
CONSIDERATION

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. and ADES International Cayman (the “Merger”) as well as the subsequent
announcements on September 16, 2025 regarding the revised terms of the Merger.

Reference is also made to the stock exchange announcement as of October 6, 2025
where the shareholders approved the Merger at the Extraordinary General Meeting
with the requisite majority (99.6% of the votes cast in favor of the Merger).

Closing of the Merger is expected to occur today, November 25, 2025, which will
therefore be the last day of trading in Shelf Drilling including the right to
merger consideration.

As announced in the stock exchange announcement as of November 18, 2025,
containing “key dates” for the Merger, shareholders of the Company, will cease
to have any rights to shares in the Company. However, this will not necessarily
be visible to such shareholders through various brokerage systems before the
record date (27 November 2025), in line with the standard T+2 settlement cycle
in Euronext VPS.

Consequently, and subject to the above, and to avoid any uncovered trades, the
Oslo Stock Exchange will suspend trading in the Company on T+1 (26 November
2025).

Following the Merger, the Company and Shelf Drilling (North Sea), Ltd. will be
delisted and as such discontinue the reporting of their respective earnings. The
publication of their respective results for the third quarter of 2025, including
all earning calls, is therefore cancelled.

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”.

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

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