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

About this update from Ades Holding Company

PRESS RELEASESHELF DRILLING, LTD. AND ADES INTERNATIONAL HOLDING LTD - COMPLETION OF MERGERDubai, November 25, 2025 - Reference is made to the stock exchangeannouncementas of August 5, 2025 regarding the merger agreement entered into between ShelfDrilling, Ltd. ("Shelf Drilling" or the "Company"), ADES InternationalHolding,Ltd. ("ADES") and ADES International Cayman (the "Merger") as well as thesubsequent announcements on September 16, 2025 regarding the revised terms ofthe Merger.Shelf Drilling and ADES are pleased to confirm that the effective time of theMerger has occurred and that the Merger has now been completed. Accordingly,ADES now wholly owns Shelf Drilling, and Shelf Drilling, Ltd. will be delistedfrom 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 bedelivered to the eligible Shelf Drilling shareholders on or about December 1,2025. The merger consideration is NOK 18.50 in cash for each Shelf Drillingshare held by Shelf Drilling shareholders as recorded in the VPS on 27November2025.An application to delist the Company from the Oslo Stock Exchange will befiledshortly.Prior to and as required for completion of the Merger, Shelf Drilling (NorthSea) Holdings, Ltd. has today notified Nordic Trustee AS that it exercises thecall option to redeem all outstanding bonds under its senior secured USD315,000,000 bond issue 2024/2028 with ISIN NO0013220285 with original maturitydate 22 November 2028. The entire bond issue will be repaid at a price equaltothe Make Whole Amount, corresponding to 106.79248 per cent of the nominalamountplus accrued interest, with record date on 8 December 2025 and call optionrepayment date on 10 December 2025.Furthermore, Shelf Drilling Holdings, Ltd. has today, prior to and as requiredfor completion of the Merger, notified Wilmington Trust, National Association,as trustee, that it exercised the call option to redeem all outstanding bondsunder its senior secured USD 1,095,000,000 bond issue 2023/2029 with ISINUS822538AH74/USG23618AG91 with original maturity date 15 April 2029. Theentirebond issue will be repaid at a price equal to 104.813% of the principal amountplus accrued and unpaid interest from October 15, 2025 (the last interestpayment date) to, but excluding, 4 December 2025 (the "Redemption Date").For furth...

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