Reference is made to the stock exchange announcement as of August 5, 2025, regarding the merger agreement entered into between Shelf Drilling, Ltd., ADES International Holding, Ltd. (ADES), and ADES International Cayman, as well as the subsequent announcements 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. Accordingly, ADES now wholly owns Shelf Drilling, and Shelf Drilling, Ltd. will be delisted from 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 be delivered to the eligible Shelf Drilling shareholders on or about December 1, 2025. The merger consideration is NOK 18.50 in cash for each Shelf Drilling share held by Shelf Drilling shareholders as recorded in the VPS on 27 November 2025.
An application to delist the Company from the Oslo Stock Exchange will be filed shortly. Before 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.
