NOT FOR PUBLICATION, DISTRIBUTION OR CIRCULATION IN THE UNITED STATES

PRESS RELEASE

SHELF DRILLING ANNOUNCES COMPLETION OF REFINANCING TRANSACTIONS

October 26, 2023 - Shelf Drilling Holdings, Ltd. (the "Issuer"), a wholly owned
subsidiary of Shelf Drilling, Ltd. ("Shelf Drilling", OSE: SHLF), announces that
it has successfully completed its refinancing transactions consisting of (i) an
offering of $1,095,000,000 in aggregate principal amount of 9 5/8 % Senior Secured
Notes due 2029 (the "Notes"), (ii) tender offers for cash (the "Tender Offers")
of any and all of its outstanding 8.875% Senior Secured First Lien Notes due
2024 (the "2024 Notes") and 8.250% Senior Notes due 2025 (together with the 2024
Notes, the "Existing Notes") including the subsequent cancellation of the
Existing Notes tendered up to the early tender date (the "Early Tender Date"),
with no Existing Notes tendered after the Early Tender Date and on or before the
expiration date, (iii) the redemption and cancellation of all Existing Notes not
tendered in the Tender Offers, and (iv) entering into a $125 million senior
secured revolving credit facility and a $50 million term loan facility. In
addition, Shelf Drilling completed a private placement of 19.4 million common
shares raising gross proceeds of approximately NOK 640 million.

Application will be made to list the Notes on the Official List of The
International Stock Exchange.

David Mullen, Chief Executive Officer, Shelf Drilling, said:
"We are pleased to announce the successful completion of our multi-faceted
refinancing transaction, which significantly enhances our balance sheet and
liquidity position. We thank all stakeholders for the continued support and
trust in Shelf Drilling. This transaction provides us with runway and
flexibility to capitalize on the strong tailwinds in the jack-up market.
Following the improvement in the second quarter of 2023, we remain focused on
driving further growth in earnings and cash flow in the second half of 2023 and
believe we're now very well-positioned to execute our business plan and create
long-term value for shareholders."

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

Cautionary Statement
The Notes and the guarantees thereof will not be registered under the United
States Securities Act of 1933, as amended (the "Securities Act"), or applicable
state securities laws. Accordingly, the Notes were offered only to qualified
institutional buyers and to non-U.S. persons outside the United States ("U.S.")
in reliance on Rule 144A and Regulation S under the Securities Act,
respectively. Unless so registered, the Notes may not be offered or sold in the
United States or for the account or benefit of any U.S. person or in any way
distributed in the United States except pursuant to an exemption from the
registration requirements of the Securities Act and applicable state securities
laws.

This announcement is for informational purposes only and does not constitute an
offer to sell or a solicitation of an offer to buy the Notes or any other
security and shall not constitute an offer, solicitation or sale in the United
States or in any jurisdiction in which, or to any persons to whom, such
offering, solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of any jurisdiction.
This announcement is not being made in and copies of it may not be distributed
or sent into any jurisdiction in which, or to any persons to whom, such
offering, solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of any such jurisdiction

This announcement does not constitute and shall not, in any circumstances,
constitute an invitation to the public in connection with any offer or
constitute any offer to the public, each within the meaning of Regulation (EU)
2017/1129 ("Prospectus Regulation"). In member states of the European Economic
Area ("EEA"), this announcement and any offer of the securities were made
pursuant to an exemption under the Prospectus Regulation from the requirement to
publish a prospectus for offers of the securities referred to herein.

The securities are not intended to be offered, sold or otherwise made available
to and should not be offered, sold or otherwise made available to any retail
investor in the EEA. For these purposes, a retail investor means a person who is
one (or more) of: (i) a retail client as defined in point (11) of Article 4(1)
of Directive 2014/65/EU (as amended, "MiFID II")