Confirmation of Satisfaction of Conditions

Shelf Drilling Holdings, Ltd. 

8.875% Senior Secured First Lien Notes due 2024 
Rule 144A: CUSIP: 822538AG9, 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

(together, the "Notes")

Redemption Date: October 26, 2023

Shelf Drilling Holdings, Ltd., hereby confirms that the conditions precedent
referenced in paragraph 9 of the notice of conditional full redemption dated
September 26, 2023 (the "Redemption Notice") have been satisfied and the
Redemption Date for the Notes will be October 26, 2023. Please refer to the
Redemption Notice for further information.

Any questions with respect to this Confirmation of Satisfaction of Conditions
and the Notes should be directed to the Issuer to the attention of:

Shelf Drilling 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: October 25, 2023

* * *

This information is subject to the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act.