NOT FOR PUBLICATION, DISTRIBUTION OR CIRCULATION IN THE UNITED STATES

PRESS RELEASE

SHELF DRILLING HOLDINGS, LTD. ANNOUNCES PRICING OF SENIOR SECURED NOTES OFFERING

September 28, 2023 - Shelf Drilling Holdings, Ltd. (the "Issuer"), a wholly
owned subsidiary of Shelf Drilling, Ltd. ("Shelf Drilling"), announces that it
has priced $1,095,000,000 in aggregate principal amount of 9 5/8 % Senior Secured
Notes due 2029 (the "Notes") and entered into binding agreements in respect of a
$125 million senior secured revolving credit facility and a $50 million term
loan facility (the "Term Loan Facility"), subject to customary conditions
precedent (including the issuance of the Notes). The Notes will be guaranteed by
Shelf Drilling and certain of the Issuer's subsidiaries and will be secured on a
senior basis on substantially all of the assets of the Issuer and the subsidiary
guarantors. 

The proceeds from the Notes offering will be used, together with the borrowings
under the Term Loan Facility and available cash, (i) to repay the Issuer's
8.250% senior notes due 2025 and the Issuer's 8.875% senior secured first lien
notes due 2024 and (ii) to pay fees and expenses in connection with the
transactions. 

The closing of the sale of the Notes is expected to be completed on October 13,
2023, and is subject to customary closing conditions.

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

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 will be 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 jurisdiction. the publication,
distribution or release would be unlawful.

The Issuer does not intend to register the Notes and any related guarantees in
the United States or to conduct a public offering of the Notes and such
guarantees in the United States.

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 will be 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")