Shelf Drilling Primary Insider Notification

14 Nov 2022 06:37 CET

PRESS RELEASE

SHELF DRILLING PRIMARY INSIDER NOTIFICATION

Dubai, 14 November 2022: Reference is made to the announcement by Shelf
Drilling, Ltd. ("Shelf Drilling" or the "Company", OSE: SHLF) today, regarding
the issuance of a total of 852,974 new common shares in the Company to the
chairman of the board of directors, Ernie Danner, and the other non-executive
directors or the Sponsor that such director represents without any
consideration, as settlement of restricted stock units ("RSUs") under the
Company's 2017 Long-Term Incentive Plan.

Reference is also made to the announcement made by Shelf Drilling on 27 October
2022, regarding the award of 95,092 new RSUs to Mr Danner and 31,697 new RSUs to
each of the non-executive directors of the Company listed below or the Sponsor
that such director represents, which were granted today:
- John K. Castle, Director;
- J. William Franklin, Jr., Director;
- Dongyang Lou, Director;
- David B. Pittaway, Director;
- John Reynolds, Director;
- Benjamin Sebel, Director;
- Usama Trabulsi, Director; and
- David Williams, Director.

The new RSUs shall vest on the first anniversary from the date of grant and
shall each be settled in exchange for one common share in the Company against no
consideration, subject to each director’s continued service with the Company.

Please see the attached forms of notification and public disclosure by a primary
insider.

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 in article 19 of
Regulation EU 596/2014 (the EU Market Abuse Regulation) and section 5-12 of the
Norwegian Securities Trading Act.

More information:
Access the news on Oslo Bors NewsWeb site

575590_PDMR Forms (Nov 2022) .pdf