NOTICE OF CONDITIONAL FULL REDEMPTION

Shelf Drilling Holdings, Ltd. 

8.875% Senior Secured First Lien Notes due 2024 
Rule 144A: CUSIP822538AG9, ISIN US822538AG91
Regulation S: CUSIP: G23618AF1, ISIN: USG23618AF19

8.250% Senior Notes due 2025 
Rule 144A: CUSIP: 822538AE4, ISIN: US822538AE44
Regulation S: CUSIP: G23618AC8, ISIN: USG23618AC87

Redemption Date: October 26, 2023
Shelf Drilling Holdings, Ltd. (the "Issuer") 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 (as defined
below). 

The terms and conditions of the redemption are as follows (capitalized terms
used but not defined herein have the meanings ascribed to them in the
Indentures):

1.	The redemption date for the Notes will be October 26, 2023 (the "Redemption
Date"). The record date, on which any holder of Notes must hold any Notes to be
entitled to the Redemption Price (as defined below), will be the Business Day
immediately prior to the Redemption Date. The aggregate principal amount of the
outstanding Existing First Lien Notes on the Redemption Date will be the
aggregate principal amount remaining following the final settlement date of a
tender offer to purchase any and all of the outstanding Existing First Lien
Notes validly tendered and accepted for purchase by the Issuer pursuant to the
tender offer (the "Existing First Lien Notes Tender Offer"). The aggregate
principal amount of the outstanding Existing Senior Notes on the Redemption Date
will be the aggregate principal amount remaining following the final settlement
date of a tender offer to purchase any and all of the outstanding Existing
Senior Notes validly tendered and accepted for purchase by the Issuer pursuant
to the tender offer (the "Existing Senior Notes Tender Offer"). 

2.	The redemption price of the Existing First Lien Notes is 100.0000% of the
principal amount of the Existing First Lien Notes to be redeemed plus accrued
and unpaid interest from May 15, 2023 (the last Interest Payment Date for which
interest on such Existing First Lien Notes was paid) to (but not including) the
Redemption Date, and Additional Amounts, if any (the "Existing First Lien Notes
Redemption Price"). If the Condition Precedent is not satisfied or waived on or
before October 26, 2023, the Issuer will inform the Trustee, the Registrar, the
Paying Agent and Holders one Business Day prior to the new redemption date of
the new amount of accrued and unpaid interest from May 15, 2023, to, but
excluding, the new redemption date.

3.	The redemption price of the Existing Senior Notes is 102.063% of the
principal amount of the Existing Senior Notes to be redeemed plus accrued and
unpaid interest from August 15, 2023 (the last Interest Payment Date for which
interest on such Existing Senior Notes was paid) to (but not including) the
Redemption Date, and Additional Amounts, if any (the "Existing Senior Notes
Redemption Price" and together with the Existing First Lien Notes Redemption
Price, the "Redemption Prices"). If the Condition Precedent is not satisfied or
waived on or before October 26, 2023, the Issuer will inform the Trustee, the
Registrar, the Paying Agent and Holders one Business Day prior to the new
redemption date of the new amount of accrued and unpaid interest from August 15,
2023, to, but excluding, the new redemption date.

4.	The Notes called for redemption must be surrendered to Wilmington Trust,
National Association as Paying Agent, at  Wilmington Trust, National
Association, Attn: Workflow Management - 5th Floor 1100 North Market Street
Wilmington, DE 19890, to collect the Redemption Price.

5.	Unless the Issuer defaults in making the redemption payment in the amount of
the Redemption Prices or the Paying Agent is prohibited from making such payment
pursuant to the terms of the Indentures, interest and Additional Amounts, if
any, on the Notes called for redemption shall cease to accrue on and after the
Redemption Date.

6.	The Notes will be redeemed in full in accordance with clause 9 of the Notes
and Section 3.07 of the Indentures. 

7.	On October 26, 2023, the Issuer will publish a supplemental notice of
redemption, specifying (i) the amount of the Existing First Lien Notes
outstanding, and the amount of interest and the accrued and unpaid interest from
May 15, 2023, to, but excluding, the assumed Redemption Date, and (ii) the
amount of the Existing Senior Notes outstanding, and the amount of interest and
the accrued and unpaid interest from August 15, 2023, to, but excluding, the
assumed Redemption Date.

8.	The CUSIP and ISIN numbers in relation to the Notes being redeemed are as set
forth above. No representation is made as to the correctness or accuracy of such
numbers listed in this Notice of Conditional Redemption or printed on the Notes.


9.	The Issuer's obligation to redeem any of the Notes on the Redemption Date is
conditional upon the completion of one or more financing transactions by the
Issuer or one or more of its affiliates for the purpose of repaying the Notes
that are reasonably satisfactory to the Issuer in its sole discretion and result
in aggregate gross proceeds to the Issuer or one of its affiliates of at least
$1,125,000,000 on or prior to the Redemption Date (the "Condition Precedent").
Accordingly, none of the Notes shall be deemed due and payable on the Redemption
Date unless and until the Condition Precedent is satisfied or waived by the
Issuer. If, in the sole discretion of the Issuer, the Condition Precedent is not
or will not be satisfied or waived prior to the Redemption Date, any Notes
previously surrendered to the Paying Agent shall be returned to the holders
thereof and the redemption will be revoked. The Issuer will provide notice to
the Holders, the Trustee and Paying Agent of any revocation or confirmation of
the Notice of Conditional Redemption at least one Business Day prior to the
Redemption Date.

Capitalized terms used but not defined herein have the meanings ascribed to them
in the Indentures.

Any questions regarding this Notice of Conditional Redemption should be directed
to the Issuer to the attention of:
Shelf Investor Relations  investor.relations@shelfdrilling.com 

Issued by: 	
Shelf Drilling Holdings, Ltd.
One JLT, Floor 12, Jumeirah Lakes Towers
P.O. Box 212201
Dubai
United Arab Emirates

Dated:	September 26, 2023

This information may be considered to be inside information pursuant to the EU
Market Abuse Regulation (MAR) and may be subject to the disclosure requirements
pursuant to MAR article 17 and Section 5-12 the Norwegian Securities Trading
Act. This stock exchange announcement was published by Prerna Nandwani, Senior
Manager - Corporate Communications, at the date and time as set out above.

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