NOT FOR PUBLICATION, DISTRIBUTION OR CIRCULATION IN THE UNITED STATES

PRESS RELEASE

SHELF DRILLING HOLDINGS, LTD. ANNOUNCES PROPOSED OFFER OF SENIOR SECURED NOTES

September 26, 2023 - Shelf Drilling Holdings, Ltd. (the "Issuer"), a wholly
owned subsidiary of Shelf Drilling, Ltd. ("Shelf Drilling"), announces that it
intends to offer, subject to market conditions, (the "Offering") $1,075,000,000
in aggregate principal amount of Senior Secured Notes due 2029 (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 Offering, if completed, are expected to be used, together
with available cash (i) to repay Issuer's 8.250% senior notes due 2025 (the
"Existing Senior Notes") and the Issuer's 8.875% senior secured first lien notes
due 2024 (the "Existing First Lien Notes" and together with the Existing Senior
Notes, the "Existing Notes") and (ii) to pay fees and expenses in connection
with the transactions. 

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 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")