PRESS RELEASE

SHELF DRILLING SHARE CAPITAL INCREASE

Dubai, 14 November 2023: Reference is made to the announcement by Shelf
Drilling, Ltd. ("Shelf Drilling" or the "Company", OSE: SHLF) on 8 November 2023
regarding the resolution by the Company's board of directors to issue a total of
285,274 new common shares in the Company to the chairman of the board of
directors and the other non-executive directors or the sponsor firm that such
director represents as settlement of restricted stock units ("RSUs") under the
Company's 2017 Long-Term Incentive Plan.

Today, the new common shares have been legally and validly issued. Following
such share issue, the issued share capital of the Company is USD 2,136,909.17,
divided into 213,690,917 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.   

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.