Shelf Drilling, Ltd. and ADES International Holding, Ltd - Key dates for Completion of Merger

About this update from Ades Holding Company

Dubai, 18 November, 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.Reference is also made to the stock exchange announcement as of October 6,2025where the shareholders of the Company approved the Merger at the ExtraordinaryGeneral Meeting with the requisite majority (99.6% of the votes cast in favorofthe Merger).It is currently expected that completion of the Merger will occur on 25November2025. Key dates and information for the completion of the Merger will then beasfollows:Last day of trading in Shelf Drilling, including right to cash mergerconsideration - 25 November 2025Effective date for completion of the Merger - 25 November 2025 (after close oftrade)Trading suspension on Oslo Stock Exchange - 26 November 2025Record date for delivery of the cash merger consideration - 27 November 2025Payment of cash merger consideration to eligible shareholders of ShelfDrillingLtd. - 1 December 2025ISIN - KYG236271055Merger consideration - Eligible Shelf Drilling shareholders will for eachShelfDrilling share held per the record date receive NOK 18.50 in cashDate of approval - 6 October 2025 (Extraordinary General Meeting in ShelfDrilling)The Company is expected to be formally delisted from the Oslo Stock Exchangeshortly after completion of the Merger.Following the effective date for completion of the Merger (25 November 2025),shareholders of the Company, will cease to have any rights to shares in theCompany. However, this will not necessarily be visible to such shareholdersthrough various brokerage systems before the record date (27 November 2025),inline with the standard T+2 settlement cycle in Euronext VPS. Consequently, andto avoid any uncovered trades, the Oslo Stock Exchange will suspend trading inthe Company on T+1 (26 November 2025).The Company intends in conjunction with and as a condition to the completionofthe Merger to issue optional redemption notices for the USD 1,095 million5.5-years senior secured notes due 2029 issued by Shelf Drilling Holdings,Ltd.(ISIN US822538AH74 and USG23618AG91) (of which USD 982,500,000 is outstandingasof...

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