Shelf Drilling (North Sea) Ltd.

Capital/Financing Update • Nov 25, 2025

Denne melding til obligasjonseierne er kun utarbeidet på engelsk. For informasjon vennligst kontakt Nordic Trustee AS.

To the bondholders in:

ISIN: NO0013220285 - Shelf Drilling (North Sea) Holdings, Ltd. 9.875% senior secured USD 315,000,000 bonds 2024/2028

Oslo, 25 November 2025

Exercise of Call Option

Nordic Trustee AS (the "Bond Trustee") acts as bond trustee for the Bondholders in the above mentioned bond issue (the "Bond Issue") where Shelf Drilling (North Sea) Holdings, Ltd. is the issuer (the "Issuer").

All capitalized terms used herein shall have the meaning assigned to them in the bond terms dated 21 May 2024 (the "Bond Terms").

The Issuer has notified the Bond Trustee of the exercise of the Call Option to redeem the Outstanding Bonds in whole in accordance with paragraph (a)(i) of clause 10.2 of the Bond Terms, as follows:

Redemption amount: All Outstanding Bonds

Redemption price: 106.79248 % of the Nominal Amount for each

redeemed Bond plus accrued and unpaid interest

Original Maturity Date: 22 November 2028

Record Date: 8 December 2025

Call Option Repayment Date: 10 December 2025

Yours sincerely
Nordic Trustee AS

Lars Erik Lærum