PRESS RELEASE

SHELF DRILLING, LTD. - LONG-TERM INCENTIVE PLAN

Cayman Islands, February 7, 2024 - The Board of Shelf Drilling, Ltd. ("Shelf
Drilling" or the "Company", OSE: SHLF) has approved awards of Restricted Stock
Units ("RSUs") and Performance-Based Stock Units ("PSUs") under the Company's
2017 Long-Term Incentive Plan (the "2017 Plan").

The combined number of RSUs and PSUs awarded is 2,743,721, or approximately
1.17% of the authorised common shares in the Company, based on the assumption
that each PSU will pay out at target of one (1) common share per PSU. The RSUs
are subject to equal annual vesting in 2025, 2026 and 2027, conditioned upon the
holder's continued employment within the Company group on each applicable
vesting date. Each vested RSU will entitle the holder to one (1) common share
without paying any consideration. Each PSU will give the holder the right to
receive from nil (0) to two (2) common shares without paying any consideration,
based on the Company's achievement of applicable performance criteria over the
period beginning in 2024 and ending in 2026 and their continued employment
throughout the performance cycle. The maximum number of shares that could be
issued under this award is therefore 4,037,581. 

Certain primary insiders of the Company have been awarded RSUs and PSUs under
the 2017 Plan as further described in the attached notification forms.

About Shelf Drilling
Shelf Drilling is a leading international shallow water offshore drilling
contractor with rig operations across Middle East, Southeast Asia, India, West
Africa, Mediterranean and North Sea. 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 the Cayman Islands with corporate
headquarters in Dubai, United Arab Emirates. The Company is listed on the Oslo
Stock Exchange under the ticker "SHLF".

Additional information about Shelf Drilling can be found at
www.shelfdrilling.com 

Contact details
For questions or comments, please contact investor.relations@shelfdrilling.com  


This information is subject to the disclosure requirements pursuant to article
19 of the EU Market Abuse Regulation and section 5-12 of the Norwegian
Securities Trading Act.