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. 

Shelf Drilling - Share Capital Increase / Allocated Offer Shares are now
Tradable

Dubai, 29 September 2023 - Reference is made to the stock exchange announcement
by Shelf Drilling, Ltd. ("Shelf Drilling" or the "Company", OSE: SHLF) on 26
September 2023 announcing the successful placing of a private placement of
19,400,000 new common shares in the Company (the "Offer Shares") at a
subscription price of NOK 33 per share (the "Private Placement").

One of the conditions to the closing of the Private Placement was a successful
pricing of the Notes (as defined herein). Reference is also made to the stock
exchange announcement by the Company on 28 September 2023 regarding the
completed pricing of $1,095,000,000 in aggregate principal amount of 9 5/8 % Senior
Secured Notes due 2029 (the "Notes"). The Notes will have an amortization
provision, requiring mandatory prepayment of $37.5m every 6 months, commencing
on the second interest payment date.

In relation to the Private Placement, the Offer Shares, in the form of new
common shares in the Company, have today been legally and validly issued, fully
paid and delivered in VPS. Following such share issue, the issued share capital
of the Company is USD 2,134,056.43, divided into 213,405,643 common shares, each
with a par value of USD 0.01. The authorised share capital of the Company is USD
2,340,634.73, divided into 234,063,473 shares, each with a par value of USD
0.01.

Offer Shares allocated in the Private Placement are now tradable. 

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