PRESS RELEASE

SHELF DRILLING SHARE CAPITAL INCREASE

Dubai, November 15, 2024: Reference is made to the announcement by Shelf
Drilling, Ltd. ("Shelf Drilling" or the "Company", OSE: SHLF) on November 13,
2024 regarding the resolution by the Company's board of directors to issue a
total of 155,771 new common shares in the Company to the non-executive directors
of the Company or the sponsor firm that such director represents as settlement
of restricted stock units ("RSUs") under the Company's 2017 Long-Term Incentive
Plan.

The new common shares have been legally and validly issued on November 14, 2024.
Following such share issue, the issued share capital of the Company is USD
2,558,466.52, divided into 255,846,652 common shares, each with a par value of
USD 0.01. The authorised share capital of the Company is USD 2,780,634.73,
divided into 278,063,473 shares, each with a par value of USD 0.01.   

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".

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.