The attached Share Buyback Offer has been sent to the Company’s shareholders.

In accordance with the Recovery Agreement dated 07 September 2021, ATDL is in the process of being wound down. Both rigs have been sold. Any remaining cash, after the wind down, will be distributed to the senior lenders and bondholders who have accepted to write off their remaining debts at a substantial loss.

Shareholders can expect no recovery.

To provide shareholders with an exit, ATDL has reached an agreement to buy back shares from existing shareholders for USD 0.001 per share.

ATDL strongly encourages all shareholders to accept this offer. Acceptance of this offer will provide shareholders with a realized loss on their shareholding and provide a small recovery. Shareholders who do not accept this offer can expect no recovery. All remaining shareholdings shall be transferred from the Euronext VPS register – the Norwegian CSD - to be held directly with the corporate secretary in Bermuda no later than 31 December 2021.

This offer shall apply to all shareholders registered in the Euronext VPS register as of today, November 25, 2021. The deadline to accept the offer is 10 December 2021. Payment and settlement of the share buyback shall be completed no later than 15 December 2021. Payment will take place in Norwegian Krone (NOK) based on the exchange rate between USD / NOK as of 10 December 2021. A minimum price of USD 25 or NOK equivalent shall be offered to those shareholders holding less than 25 000 shares.

Please return the attached share buy-back Acceptance Form by latest 10 December 2021.

For further information, please contact:

Reese McNeel
Atlantica Tender Drilling Ltd
+47 415 08 186
reese.mcneel@atlanticatd.com