SHELF DRILLING (UK), LTD.

• ⚠

  Material uncertainty over going concern

  The going concern assessment of the Company is therefore subject to uncertainty due to the anticipated change in ownership of the Company and the potential impact on the future operations of the Company and actual funding requirements and financing arrangements that will be available to the Company post completion. This is because the directors cannot reasonably predict the intentions or funding plans of the new owner or the subsequent financial position of the Company post-completion, including the details of any financing arrangements related to the transaction that could affect the Company. These conditions, along with the other matters explained in note 2.4 to the financial statements, indicate the existence of a material uncertainty which may cast significant doubt about the company's ability to continue as a going concern.

Values shown as filed in the company's annual accounts. — indicates the figure wasn't present under that line item in that period. About these numbers

Margins divide P&L lines by turnover. Gearing is liabilities over total assets. Current ratio is current assets over creditors falling due within one year. Interest cover is operating profit over absolute finance costs. Sector-distribution context coming next.

Accounting basis

FRS 102

Reporting scope

Standalone (parent only)

Auditor

PricewaterhouseCoopers LLP

Audit opinion

Unqualified (clean)

Going concern

Material uncertainty disclosed

“The going concern assessment of the Company is therefore subject to uncertainty due to the anticipated change in ownership of the Company and the potential impact on the future operations of the Company and actual funding requirements and financing arrangements that will be available to the Company post completion. This is because the directors cannot reasonably predict the intentions or funding plans of the new owner or the subsequent financial position of the Company post-completion, including the details of any financing arrangements related to the transaction that could affect the Company. These conditions, along with the other matters explained in note 2.4 to the financial statements, indicate the existence of a material uncertainty which may cast significant doubt about the company's ability to continue as a going concern.”

Significant events

• “On 5 August 2025 the Company's ultimate parent, Shelf Drilling, Ltd, announced that it had signed an agreement for ADES International Holding, Ltd ("ADES") to acquire all issued and outstanding shares of the Company by way of cash merger between ADES International Cayman, a wholly owned subsidiary of ADES, and the Company. Following completion of the transaction, Shelf Drilling, Ltd. will be wholly owned by ADES, and Shelf Drilling, Ltd. will be delisted from the Oslo Stock Exchange.”
• “The Company continue working to secure a new contract for the Shelf Drilling Fortress.”

Auditor, going-concern and subsidiary information is drawn from the narrative of the latest annual accounts. About these numbers

Filings

6

last 12 months

Capital events

0

last 24 months

Officers appointed

0

last 12 months

Officers resigned

0

last 12 months

Direct counts from the register. No score, no rating — see the Filing timeline for the underlying events.