Shelf Drilling (North Sea) Holdings, Ltd. – Exercise of Call Option

25 Nov 2025 17:50 CET

PRESS RELEASE – SHELF DRILLING (NORTH SEA) HOLDINGS, LTD. – EXERCISE OF CALL
OPTION

Dubai, November 25, 2025 – Reference is made to the stock exchange announcement
by Shelf Drilling (North Sea) Holdings, Ltd.'s (the "Company") ultimate parent
company Shelf Drilling, Ltd. ("Shelf Drilling") as of August 5, 2025 regarding
the merger agreement entered into between Shelf Drilling, ADES International
Holding, Ltd. ("ADES") and ADES International Cayman (the "Merger") as well as
Shelf Drilling's subsequent announcement 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.

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. Reference is made to the attached notice
from Nordic Trustee AS for further information about the call option.

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. Shelf
Drilling is incorporated under the laws of the Cayman Islands with corporate
headquarters in Dubai, United Arab Emirates. Shelf Drilling 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.

More information:
Access the news on Oslo Bors NewsWeb site

660549_Attachment to stock exchange announcement(21863609.1).pdf