ADES Holding Company announces the latest development on the signing of the Transaction Agreement to acquire all issued and outstanding shares of Shelf Drilling, Ltd. where the shareholders of Shelf Drilling, Ltd. approved the Proposed Merger with the requisite majority (99.6% of the votes cast in favor of the Merger).

ADES is pleased to announce the achievement of a significant milestone, as Shelf Drilling’s shareholders have approved the Proposed Merger with the Revised Cash Consideration at the Extraordinary General Meeting held on 6 October 2025, with the requisite majority (99.6% of the votes cast in favor of the Merger).

Completion of the Merger remains conditional upon fulfilment of certain customary closing conditions and other regulatory approvals with the transaction timetable remains unchanged with closing expected to occur in Q4 2025.