PRESS RELEASE

SHELF DRILLING ANNOUNCES CEO TRANSITION

Cayman Islands, February 7, 2024 - Shelf Drilling, Ltd. ("Shelf Drilling" or the
"Company", OSE: SHLF) announced today that the Board has approved a transition
plan, effective August 2024, where David Mullen will step down from the role of
Chief Executive Officer (CEO) and assume that of Executive Chairman. At the same
time, Greg O'Brien current Executive Vice President & Chief Financial Officer
(EVP & CFO), will be appointed as CEO. Concurrently, Ernie Danner will step down
as Chairman of the Board and will then serve as Lead Independent Director of the
Company. The Company has launched a search process to identify a suitable
candidate to replace Greg O'Brien as EVP & CFO. 

David Mullen said "I would like to thank all our stakeholders for their support
of Shelf Drilling since company inception. I am very proud of what we have
achieved and look forward to working with Greg and the management team to ensure
a successful transition. I would also like to thank Ernie for his leadership on
the Board. In my role as Executive Chairman, I look forward to collaborating
with him and the Board to continue driving Shelf Drilling's success,
capitalizing on the improving market, and further enhancing value for our
investors."

Greg O'Brien said "I would like to thank the Board of Directors for their
confidence in me and support of this transition. David's outstanding vision and
leadership has set a high standard and established a solid foundation for the
Company. The proven track record and continuity of the Shelf Drilling management
team is truly unique in our industry, and I look forward to leading this great
team. Moving forward, we will remain focused on improving our already
best-in-class operating platform and further strengthening our relationships
with employees, customers, investors, and all other stakeholders."

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 communications@shelfdrilling.com.


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