Shelf Drilling Holdings, Ltd. gives notice to the Holders of its 8.875% Senior Secured First Lien Notes due 2024 (the ?Existing First Lien Notes?) and its 8.250% Senior Notes due 2025 (the ?Existing Senior Notes? and together with the Existing First Lien Notes, the ?Notes?) pursuant to clause 9 of the Existing First Lien Notes and clause 9 of the Existing Senior Notes and Sections 3.01, 3.03, 3.07, 13.01, 13.02 and 13.03 of the indenture dated March 26, 2021 among, inter alios, the Issuer and Wilmington Trust, National Association, as trustee and first lien collateral agent (the ?Existing First Lien Notes Indenture?) and Sections 3.01, 3.03, 3.07, 12.01 12.02 and 12.03 of the indenture dated February 7, 2018 among, inter alios, the Issuer and Wilmington Trust, National Association, as trustee (the ?Existing Senior Notes Indenture? and together with the Existing First Lien Notes Indenture, the ?Indentures?), that the Issuer has elected to redeem the entire outstanding principal amount of the Notes outstanding on October 26, 2023 pursuant to clauses 5(c) and 9 of the Existing First Lien Notes and Section 3.01 of the Existing First Lien Indenture and clauses 5(e) and 9 of the Existing Senior Notes and Section 3.01 of the Existing First Lien Notes Indenture, subject to the satisfaction or waiver of the Issuer?s own Condition Precedent.