Shelf Drilling Share Capital Increase

01 Feb 2023 11:45 CET

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INDIRECTLY, IN OR INTO THE UNITED STATES OF AMERICA (INCLUDING ITS TERRITORIES
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UNLAWFUL. THIS ANNOUNCEMENT DOES NOT CONSTITUTE AN OFFER OF ANY OF THE
SECURITIES DESCRIBED HEREIN.

PRESS RELEASE
SHELF DRILLING SHARE CAPITAL INCREASE

Dubai, 1 February 2022 – Reference is made to the stock exchange announcement by
Shelf Drilling, Ltd. ("Shelf Drilling" or the "Company", OSE: SHLF) on 31
January 2023 announcing the successful completion of a private placement of
17,636,876 new common shares in the Company at a subscription price of NOK 26.50
per share.

Today, the new common shares have been legally and validly issued and fully
paid. Shares allocated in the private placement are now tradable. Following such
share issue, the issued share capital of the Company is USD 1,940,056.43,
divided into 194,005,643 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.

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.

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