PRESS RELEASE

SHELF DRILLING FORTRESS SECURES CONTRACT EXTENSION

Dubai, October 2, 2023 - Shelf Drilling, Ltd. ("Shelf Drilling" or the
"Company", OSE: SHLF) announced today that a subsidiary of Shelf Drilling (North
Sea), Ltd. ("Shelf Drilling North Sea" or "SDNS") has secured a two-well
contract extension for the Shelf Drilling Fortress jack-up rig. The firm term of
the extension is approximately five months, with a contract value of
approximately USD 18 million. The expected availability of the rig is now June
2024. The contract includes options for an additional two wells, with a total
estimated duration of eight months.

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".

About Shelf Drilling North Sea
Shelf Drilling North Sea is a shallow water offshore drilling contractor
primarily operating in the North Sea. The company's fit-for-purpose strategy and
fleet of modern high-specification harsh environment jack-up rigs enable it to
offer a broad range of services in the shallow water drilling markets. SDNS is
incorporated under the laws of Bermuda. Since October 12, 2022, SDNS shares are
listed on the Euronext Growth Oslo Exchange under the ticker "SDNS".

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