NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR
INDIRECTLY, IN OR INTO THE UNITED STATES OF AMERICA (INCLUDING ITS TERRITORIES
AND POSSESSIONS, ANY STATE OF THE UNITED STATES OF AMERICA AND THE DISTRICT OF
COLUMBIA) (THE "UNITED STATES"), AUSTRALIA, CANADA, THE HONG KONG SPECIAL
ADMINISTRATIVE REGION OF THE PEOPLE'S REPUBLIC OF CHINA OR JAPAN, OR ANY OTHER
JURISDICTION IN WHICH THE RELEASE, PUBLICATION OR DISTRIBUTION WOULD BE
UNLAWFUL. THIS ANNOUNCEMENT DOES NOT CONSTITUTE AN OFFER OF ANY OF THE
SECURITIES DESCRIBED HEREIN. 

PRESS RELEASE

SHELF DRILLING: PRIVATE PLACEMENT SUCCESSFULLY PLACED

Dubai, September 26, 2023: Reference is made to the stock exchange announcement
published by Shelf Drilling, Ltd. ("Shelf Drilling" or the "Company", OSE: SHLF)
earlier today on September 26, 2023 regarding a contemplated private placement
of approximately 19.4 million new common shares (the "Offer Shares") at an offer
price per Offer Share of NOK 33 (the "Private Placement"). 

Shelf Drilling is pleased to announce that the Private Placement has been
successfully placed with a total transaction size of approximately NOK 640
million through the allocation of 19,400,000 Offer Shares. The net proceeds from
the Private Placement will be used to repay debt as part of the Refinancing (as
defined in the abovementioned stock exchange announcement).

The Private Placement, which was significantly oversubscribed, took place
through an application process managed by DNB Markets, a part of DNB Bank ASA
acting as sole global coordinator and joint bookrunner (the "Sole Global
Coordinator"), and Arctic Securities AS, Clarksons Securities AS, Fearnley
Securities AS and SpareBank 1 Markets AS as joint bookrunners (together with the
Sole Global Coordinator, the "Managers").

The Private Placement and the allocation of the Offer Shares were resolved by
the Company following advice from the Sole Global Coordinator after the
application process was completed. 

Completion of the Private Placement by delivery of the Offer Shares is subject
to the following conditions: (i), the Company having issued a stock exchange
announcement setting out the pricing of the notes contemplated under the
Refinancing, and (ii) the issuance of the Offer Shares in the Norwegian Central
Securities Depository ("VPS") having taken place (the "Conditions"). The Offer
Shares allocated to investors will be tradable on Oslo Børs when the Conditions
have been met.

Notification of allocation, including settlement instructions are expected to be
distributed by the Managers on or about September 27, 2023. Settlement of the
Offer Shares will take place on a delivery versus payment ("DVP") following the
Conditions having been met. The Conditions are currently expected fulfilled
prior to the end of September. Issuance of the Offer Shares for DvP settlement
will be facilitated by a pre-funding agreement entered into between Shelf
Drilling and the Sole Global Coordinator.

The Managers have entered into customary lock-up arrangements from the
settlement date of the Private Placement with Shelf Drilling for 90 days and
with Shelf Drilling's executive management for 90 days.

Following registration of the share capital increase pertaining to the Private
Placements in the register of members in the Cayman Islands, Shelf Drilling will
have 213,405,643 common shares outstanding, each with a par value of USD 0.01,
while the number of authorized shares will be 234,063,473.

The Company has considered the Private Placement in light of the equal treatment
obligations under the Norwegian Securities Trading Act and the rules on equal
treatment under Oslo Rule Book II for companies listed on the Oslo Stock
Exchange and the Oslo Stock Exchange's Guidelines on the rule of equal
treatment, and the Board is of the opinion that the contemplated transaction is
in compliance with these requirements and guidelines. The Private Placement is
by the Board considered as an important part of the Refinancing in order to
secure a sound capital structure for the Company going forward. Taking into
consideration the time, costs and expected terms of alternative methods of
securing the desired equity funding, the Board has concluded that offering new
shares in a private placement on acceptable terms at this time is in the common
interest of the shareholders of the Company. In reaching this conclusion the
Board has among other things considered the limited discount to the market price
of the Company's shares by end of closing prior to launch of the Private
Placement, the limited increase of the share capital represented by the Private
Placement and the necessity for the Company to obtain swift equity funding in
connection with the Refinancing. 

In accordance with the above, the Company has also considered whether it is
necessary to implement a subsequent offering in order to further justify the
different treatment inherent in the Private Placement. The Company noted in this
respect (i) that the discount to the last trading price is fairly limited and in
line with the 20-day VWAP for the share, (ii) that the dilution of existing
shareholders as a result of the Private Placement is limited, and (iii) the
costs and resources associated with a subsequent offering (e.g., preparation of
a prospectus). On this basis, the Company has concluded not to implement a
"subsequent offering /repair issue".

Advisors

DNB Markets, a part of DNB Bank ASA is acting as sole global coordinator and
join bookrunner and Arctic Securities AS, Clarksons Securities AS, Fearnley
Securities AS and SpareBank 1 Markets AS are acting as joint bookrunners in
connection with the Private Placement.

Advokatfirmaet Thommessen AS is acting as legal advisor to the Company in
connection with the Private Placement. 

For further information, please contact investor.relations@shelfdrilling.com.

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, the Mediterranean and the 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.

Important Notices

The information contained in this announcement is for background purposes only
and does not purport to be full or complete. No reliance may be placed for any
purpose on the information contained in this announcement or its accuracy,
fairness or completeness. Neither the Managers nor or any of their affiliates or
any of their respective directors, officers, employees, advisors or agents
accepts any responsibility or liability whatsoever for, or makes any
representation or warranty, express or implied, as to the truth, accuracy or
completeness of the information in this announcement (or whether any information
has been omitted from the announcement) or any other information relating to the
Company, its subsidiaries or associated companies, whether written, oral or in a
visual or electronic form, and howsoever transmitted or made available, or for
any loss howsoever arising from any use of this announcement or its contents or
otherwise arising in connection therewith. This announcement has been prepared
by and is the sole responsibility of the Shelf Drilling, Ltd. (the "Company").

Neither this announcement nor the information contained herein is for
publication, distribution or release, in whole or in part, directly or
indirectly, in or into or from the United States (including its territories and
possessions, any State of the United States and the District of Columbia),
Australia, Canada, Japan, Hong Kong, South Africa or any other jurisdiction
where to do so would constitute a violation of the relevant laws of such
jurisdiction. The publication, distribution or release of this announcement may
be restricted by law in certain jurisdictions and persons into whose possession
any document or other information referred to herein should inform themselves
about and observe any such restriction. Any failure to comply with these
restrictions may constitute a violation of the securities laws of any such
jurisdiction.

This announcement is not an offer for sale of securities in the United States or
in any other jurisdictions. The securities referred to in this announcement have
not been and will not be registered under the U.S. Securities Act, and may not
be offered or sold in the United States absent registration with the U.S.
Securities and Exchange Commission or an exemption from, or in a transaction not
subject to, the registration requirements of the U.S. Securities Act and in
accordance with applicable U.S. state securities laws. The Company does not
intend to register any securities referred to herein in the United States or to
conduct a public offering of securities in the United States.

This announcement is an advertisement and is not a prospectus for the purposes
of Regulation (EU) 2017/1129 of the European Parliament and of the Council of 14
June 2017 (the "EU Prospectus Regulation") (together with any applicable
implementing measures in any Member State). All of the securities referred to in
this announcement has been offered by means of a set of subscription materials
provided to potential investors, except for the subsequent repair offering which
will be made on the basis of a listing and offering prospectus. Investors should
not subscribe for any securities referred to in this announcement except on the
basis of information contained in the aforementioned subscription materials or
for the subsequent repair offering, the prospectus. 

In any EEA Member State, this communication is only addressed to and is only
directed at qualified investors in that Member State within the meaning of the
EU Prospectus Regulation, i.e. only to investors who can receive the offer
without an approved prospectus in such EEA Member State. 

This communication is only being distributed to and is only directed at persons
in the United Kingdom that are "qualified investors" within the meaning of the
EU Prospectus Regulation as it forms part of English law by virtue of the
European Union (Withdrawal) Act 2018 and that are (i) investment professionals
falling within Article 19(5) of the Financial Services and Markets Act 2000
(Financial Promotion) Order 2005, as amended (the "Order") or (ii) high net
worth entities, and other persons to whom this announcement may lawfully be
communicated, falling within Article 49(2)(a) to (d) of the Order (all such
persons together being referred to as "relevant persons"). This communication
must not be acted on or relied on by persons who are not relevant persons. Any
investment or investment activity to which this communication relates is
available only to relevant persons and will be engaged in only with relevant
persons. Persons distributing this communication must satisfy themselves that it
is lawful to do so.

This announcement is made by, and is the responsibility of, the Company. The
Managers and their affiliates are acting exclusively for the Company and no-one
else in connection with the transactions described in this announcement. They
will not regard any other person as their respective clients in relation to the
transactions described in this announcement and will not be responsible to
anyone other than the Company, for providing the protections afforded to their
respective clients, nor for providing advice in relation to the transactions
described in this announcement, the contents of this announcement or any
transaction, arrangement or other matter referred to herein.

In connection with the transaction described in this announcement, the Managers
and any of their affiliates, acting as investors for their own accounts, may
subscribe for or purchase securities and in that capacity may retain, purchase,
sell, offer to sell or otherwise deal for their own accounts in such securities
of the Company or related investments in connection with the transactions
described in this announcement or otherwise. Accordingly, references in any
subscription materials to the securities being issued, offered, subscribed,
acquired, placed or otherwise dealt in should be read as including any issue or
offer to, or subscription, acquisition, placing or dealing by, the Managers and
any of their affiliates acting as investors for their own accounts. The Managers
do not intend to disclose the extent of any such investment or transactions
otherwise than in accordance with any legal or regulatory obligations to do so.

Matters discussed in this announcement may constitute forward-looking
statements. Forward-looking statements are statements that are not historical
facts and may be identified by words such as "believe", "aim", "expect",
"anticipate", "intend", "estimate", "will", "may", "continue", "should" and
similar expressions. The forward-looking statements in this release are based
upon various assumptions, many of which are based, in turn, upon further
assumptions. Although the Company believes that these assumptions were
reasonable when made, these assumptions are inherently subject to significant
known and unknown risks, uncertainties, contingencies, and other important
factors which are difficult or impossible to predict and are beyond its control.
Such risks, uncertainties, contingencies, and other important factors could
cause actual events to differ materially from the expectations expressed or
implied in this release by such forward-looking statements. Forward-looking
statements speak only as of the date they are made and cannot be relied upon as
a guide to future performance. The Company, the Managers and their respective
affiliates expressly disclaims any obligation or undertaking to update, review
or revise any forward-looking statement contained in this announcement whether
as a result of new information, future developments or otherwise. The
information, opinions and forward-looking statements contained in this
announcement speak only as at its date and are subject to change without notice.

This information is considered to be inside information pursuant to the EU
Market Abuse Regulation (MAR) and is subject to the disclosure requirements
pursuant to MAR article 17 and Section 5-12 the Norwegian Securities Trading
Act. This stock exchange announcement was published Prerna Nandwani, Senior
Manager - Corporate Communications at the date and time as set out above.