PRESS RELEASE

SHELF DRILLING ANNOUNCES CONTRACTS UPDATE

Dubai, April 1, 2024 - Shelf Drilling, Ltd. ("Shelf Drilling" or the "Company",
OSE: SHLF) announced today that it has received a notice of suspension of
operations of four jack-up rigs from a customer in the Middle East. The Company
is in active discussions with the customer to determine which rigs will be
suspended and the exact timing of the suspensions. Shelf Drilling understands
that during the suspension period it will have the right to actively market the
rigs to other customers and opportunities and to terminate the applicable
contracts.

It is anticipated that the suspensions will impact the financial guidance given
in Shelf Drilling's Q4 2023 reports and therefore, once precise details on the
rigs and timing are known, the Company will assess the impact and provide an
update to the guidance as part of its Q1 2024 reporting. 

David Mullen said "We are disappointed with the decision to suspend four of our
rigs, particularly in light of the outstanding operating performance of our rigs
and teams over many years in the Middle East. This recent development will
create near-term challenges, but we remain optimistic on the long-term outlook
for the business. We have a leading position in multiple regions and see
opportunities across our geographic footprint for our fleet of rigs."

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 constitutes inside information pursuant to article 7 of the EU
Market Abuse Regulation and is subject to the disclosure requirements pursuant
to section 5-12 of the Norwegian Securities Trading Act.