Dubai, 18 November, 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. ("ADES") 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 of the Company approved the Merger at the Extraordinary
General Meeting with the requisite majority (99.6% of the votes cast in favor of
the Merger). 

It is currently expected that completion of the Merger will occur on 25 November
2025. Key dates and information for the completion of the Merger will then be as
follows: 

Last day of trading in Shelf Drilling, including right to cash merger
consideration - 25 November 2025
Effective date for completion of the Merger - 25 November 2025 (after close of
trade)
Trading suspension on Oslo Stock Exchange - 26 November 2025
Record date for delivery of the cash merger consideration - 27 November 2025
Payment of cash merger consideration to eligible shareholders of Shelf Drilling
Ltd. - 1 December 2025
ISIN - KYG236271055
Merger consideration - Eligible Shelf Drilling shareholders will for each Shelf
Drilling share held per the record date receive NOK 18.50 in cash
Date of approval - 6 October 2025 (Extraordinary General Meeting in Shelf
Drilling)

The Company is expected to be formally delisted from the Oslo Stock Exchange
shortly 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 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
to avoid any uncovered trades, the Oslo Stock Exchange will suspend trading in
the Company on T+1 (26 November 2025).

The Company intends in conjunction with and as a condition to the completion of
the Merger to issue optional redemption notices for the USD 1,095 million
5.5-years senior secured notes due 2029 issued by Shelf Drilling Holdings, Ltd.
(ISIN US822538AH74 and USG23618AG91) (of which USD 982,500,000 is outstanding as
of the date hereof  (the "US Bonds") and call notices for the USD 315 million
4.5-years senior secured first lien bonds due 2028 issued by Shelf Drilling
(North Sea) Holdings, Ltd. (ISIN NO0013220285) (the "Nordic Bonds") and pursuant
to the respective terms thereof. The US Bonds are expected to be redeemed
approximately ten (10) days after the effective date for completion of the
Merger and the Nordic Bonds are expected to be redeemed approximately ten (10)
business days after the effective date for completion of the Merger. 

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". 

Additional information about Shelf Drilling can be found at
www.shelfdrilling.com.

This information is considered to be inside information pursuant to the EU
Market Abuse Regulation and is subject to the disclosure requirements pursuant
to Section 5-12 the Norwegian Securities Trading Act. This stock exchange
announcement was published by Kate Weir, Associate General Counsel & Corporate
Secretary at Shelf Drilling, on 18 November 2025 at 20:55 CEST.	

Forward Looking Statement: 
All statements in this press release other than statements of historical fact
are forward-looking statements, which are subject to a number of risks,
uncertainties and assumptions that are difficult to predict and are based upon
assumptions as to future events that may not prove accurate. These factors
include volatile market conditions, investment opportunities in new and existing
markets, demand for licensing of data within the energy industry, operational
challenges, and reliance on a cyclical industry and principal customers. Actual
results may differ materially from those expected or projected in the forward-
looking statements. Shelf Drilling and ADES undertakes no responsibility or
obligation to update or alter forward-looking statements for any reason.