PRESS RELEASE 

SHELF DRILLING REPORTS SECOND QUARTER 2023 RESULTS

Dubai, UAE, August 9, 2023 - Shelf Drilling, Ltd. ("Shelf Drilling" and,
together with its subsidiaries, the "Company", OSE: SHLF) announces results for
the second quarter of 2023 ending June 30. The results highlights will be
presented by audio conference call on August 9, 2023 at 6:00 pm Dubai time /
4:00 pm Oslo time. Dial-in details for the call are included in the press
release posted on July 27, 2023 and on page 3 of this release.

David Mullen, Chief Executive Officer, commented: "During the second quarter,
our Adjusted EBITDA more than doubled on a sequential basis to $73 million
following the completion of out-of-service projects and commencement of new
contracts at attractive dayrates in Saudi Arabia, India and West Africa. Our
operations teams did an outstanding job delivering these projects amidst supply
chain challenges and inflationary pressures. With the commencement of a new
contract for the Shelf Drilling Resourceful in the Mediterranean in August, this
period marked by a high concentration of major projects is substantially
complete. With the full run-rate benefit of these new long-term contracts, we
expect to deliver a further significant improvement in earnings in the second
half of 2023."

Mullen added: "As of June 30, 2023, 35 of our 36 rigs were contracted for a
total backlog of $2.6 billion. The industry market fundamentals remain strong
and supportive of additional investment in shallow water projects. With marketed
utilization now at 94% and very limited spare rig capacity, we expect pricing
momentum to continue in the quarters ahead. Shelf Drilling's unique operating
platform, diverse and versatile fleet composition, and accelerating financial
performance, position us well to capitalize on the positive outlook in our
sector."

Second Quarter Highlights
o Q2 2023 adjusted revenues of $211.0 million, a 17% sequential increase
compared to Q1 2023, including $30.3 million adjusted revenues from Shelf
Drilling (North Sea), Ltd. ("SDNS").
o Q2 2023 adjusted EBITDA of $72.7 million, representing an adjusted EBITDA
margin of 34%, including $5.0 million adjusted EBITDA from SDNS.
o Q2 2023 net income attributable to controlling interest of $1.7 million.
o Q2 2023 capital expenditures and deferred costs totaled $60.9 million,
including $33.9 million for five rigs that commenced new long-term contracts
between April and August 2023. 
o The Company's cash and cash equivalents balance at June 30, 2023 was $141.9
million, including $52.9 million at SDNS. Cash and cash equivalents, excluding
SDNS, increased from $80.7 million at March 31, 2023 to $89.0 million at June
30, 2023.
o Contract backlog of $2.6 billion at June 30, 2023 across 35 contracted rigs
with weighted average dayrate of $81.0 thousand.
o In August 2023, the Shelf Drilling Fortress was awarded a new contract with
CNOOC Petroleum Europe Limited in the UK which is expected to start in September
2023. The firm term includes two wells, plus options for additional wells.
o Financial guidance for full year 2023 maintained