SHELF DRILLING, LTD. PRESS RELEASEUK CMA CLEARS SHELF DRILLING'S ACQUISITION OF FIVEJACK-UPS FROM NOBLE CORPORATIONDubai ,1 September 2022 ,Shell Drilling, Ltd. ("Shelf Drilling " or the "Company", OSE: SHLF) is pleased to announce that its wholly owned subsidiaryShelf Drilling (North Sea ), Ltd. ("SDNS") has had its asset purchase agreement to acquire five jack-up rigs from various subsidiaries ofNoble Corporation ("Noble") forUSD 375 million (the "Rig Purchase Agreement" and the "Acquisition", respectively) cleared by theUK Competition and Markets Authority (the "CMA"). The CMA has today announced that it has accepted legally binding undertakings from Noble and Maersk Drilling in relation to the business combination between Noble and theDrilling Company of 1972 A/S , announced on10 November 2021 (the "Business Combination"). These undertakings required Noble to divest five jack-up rigs (Noble Hans Deul ,Noble Sam Hartley ,Noble Sam Turner ,Noble Houston Colbert , andNoble Lloyd Noble , together the "Remedy Rigs"), and related offshore and onshore personnel and related operations, to SDNS. The acceptance of these undertakings means that the CMA has decided not to refer the Business Combination for an in-depth Phase 2 review and completes the CMA's review of the Business Combination and the Acquisition. Following today's announcement determiningShelf Drilling to be a suitable purchaser and approving the Acquisition, theUK merger control conditions to the Acquisition have now been satisfied. Completion of the Rig Purchase Agreement remains subject to certain conditions, including the completion of the Business Combination and certain other customary conditions. Closing of the Acquisition is expected to take place inOctober 2022 . AboutShelf Drilling Shelf Drilling is a leading international shallow water offshore drilling contractor with rig operations acrossMiddle East ,Southeast Asia ,India ,West Africa and the Mediterranean.Shelf Drilling was founded in 2012 and has established itself as a leader within its industry through its fit-for-purpose strategy and close working relationship with industry leading clients. The Company is incorporated under the laws of theCayman Islands with corporate headquarters inDubai, United Arab Emirates . The Company is listed on theOslo Stock Exchange under the ticker "SHLF". Additional information aboutShelf Drilling can be found at www.shelfdrilling.com Contact Details For further information, please contact investor.relations@shelfdrilling.com This information is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act.
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