PRESS RELEASE

SHELF DRILLING REPORTS THIRD QUARTER 2023 RESULTS

Dubai, UAE, November 9, 2023 - Shelf Drilling, Ltd. ("Shelf Drilling" and,
together with its subsidiaries, the "Company", OSE: SHLF) announces results for
the third quarter of 2023 ending September 30. The results highlights will be
presented by audio conference call on November 9, 2023 at 6:00 pm Dubai time /
3:00 pm Oslo time. Dial-in details for the call are included in the press
release posted on November 1, 2023 and on page 3 of this release.

David Mullen, Chief Executive Officer, commented: "We continued to deliver
strong performance across all facets of the business over the past quarter. With
the benefit of new contract commencements and improving dayrates, our EBITDA
improved to $115 million in the third quarter of 2023, and we remain on track to
deliver financial results for 2023 within the guidance range communicated at the
beginning of this year."

Mullen added: "In October 2023, we successfully concluded a major refinancing
transaction, which will enhance our balance sheet and liquidity position, as
well as provide additional flexibility to capitalize on the strong tailwinds in
the global jack-up market. The outlook for our industry remains very
constructive with the backdrop of robust oil and gas prices and shortage of rig
capacity. As of September 30, 2023, our backlog was $2.5 billion across 34
contracted rigs. We remain focused on delivering best-in-class operations to our
customers and generating significant free cash flow into 2024 and beyond. We are
very well positioned to create long-term value for all our stakeholders."

Third Quarter Highlights

o Q3 2023 adjusted revenues of $264.2 million, a 25% sequential increase
compared to Q2 2023, including $32.1 million adjusted revenues from Shelf
Drilling (North Sea), Ltd. ("SDNS").
o Q3 2023 adjusted EBITDA of $114.8 million, representing an adjusted EBITDA
margin of 43%, including $1.4 million adjusted EBITDA from SDNS.
o Q3 2023 net income attributable to controlling interest of $40.9 million.
o Q3 2023 capital expenditures and deferred costs totaled $34.8 million,
including $3.2 million at SDNS.
o The Company's cash and cash equivalents balance at September 30, 2023 was
$144.7 million, including $46.6 million at SDNS. Cash and cash equivalents,
excluding SDNS, increased from $89.0 million at June 30, 2023 to $98.1 million
at September 30, 2023.
o Contract backlog of $2.5 billion at September 30, 2023 across 34 contracted
rigs with weighted average dayrate of $83.1 thousand.
o In October 2023, the Adriatic I and the Shelf Drilling Mentor commenced new
contracts for operations offshore Nigeria for 16 months and 8 months,
respectively. These rigs are now under contract until February 2025 and June
2024, respectively. In addition, the Baltic completed its contract in late
September 2023 and is being marketed for multiple contract opportunities.
o In October 2023, Shelf Drilling successfully completed transactions for the
refinancing of debt maturing in late 2024 and early 2025.
o Financial guidance for full year 2023 maintained