PRESS RELEASE

SHELF DRILLING SECURES NEW CONTRACT IN UK NORTH SEA

Dubai, August 02, 2023 - Shelf Drilling, Ltd. ("Shelf Drilling" or the
"Company", OSE: SHLF) announced today that a subsidiary of Shelf Drilling (North
Sea), Ltd. ("Shelf Drilling North Sea" or "SDNS") has secured a contract for the
Shelf Drilling Fortress jack-up rig with CNOOC Petroleum Europe Limited for
operations at the Golden Eagle platform in the UK Central North Sea. The firm
term of the contract is two wells, approximating to between four and five
months. The contract value for the firm period is approximately USD 17 million.
The contract also includes options for additional wells with a total estimated
duration of 13 months. The planned start-up of operations is September 2023. 

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, Mediterranean and 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".

About Shelf Drilling North Sea
Shelf Drilling North Sea is a shallow water offshore drilling contractor
primarily operating in the North Sea. The company's fit-for-purpose strategy and
fleet of modern high-specification harsh environment jack-up rigs enable it to
offer a broad range of services in the shallow water drilling markets. SDNS is
incorporated under the laws of Bermuda. Since October 12, 2022, SDNS shares are
listed on the Euronext Growth Oslo Exchange under the ticker "SDNS".

Additional information about Shelf Drilling can be found at
www.shelfdrilling.com.

Contact details
For questions or comments, please contact investor.relations@shelfdrilling.com. 

This information is subject to the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act.