Shelf Drilling Awarded New Contract in Vietnam

08 Dec 2023 13:53 CET

PRESS RELEASE

SHELF DRILLING AWARDED NEW CONTRACT IN VIETNAM

Dubai, December 8, 2023 – Shelf Drilling, Ltd. (“Shelf Drilling” or the
“Company”, OSE: SHLF) and Shelf Drilling (North Sea), Ltd. (“Shelf Drilling
North Sea” or “SDNS”) announced today a contract award for the Shelf Drilling
Perseverance jack-up rig with PetroVietnam Domestic Exploration Production
Operating Company Limited (PVEP POC). The rig will shortly commence mobilization
to Southeast Asia, and the planned start-up of operations with PVEP POC in
Vietnam is Q3 2024. The firm term of the contract is approximately 16 months,
and the total estimated contract value for the firm period is approximately USD
73 million.

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”.

About Shelf Drilling North Sea
Shelf Drilling North Sea is a shallow water offshore drilling contractor
primarily operating in the North Sea. The company's fit-for-purpose strategy and
fleet of modern high-specification harsh environment jack-up rigs enable it to
offer a broad range of services in the shallow water drilling markets. SDNS is
incorporated under the laws of Bermuda. Since October 12, 2022, SDNS shares are
listed on the Euronext Growth Oslo Exchange under the ticker “SDNS”.

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.

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