Shelf Drilling Announces Baltic Rig Update

30 Jul 2024 14:33 CEST

PRESS RELEASE

SHELF DRILLING ANNOUNCES BALTIC RIG UPDATE

Dubai, July 30, 2024 – Shelf Drilling, Ltd. (“Shelf Drilling” or the “Company”,
OSE: SHLF) announces that the Baltic jack-up rig has completed its contract in
West Africa, and the rig will shortly commence mobilization to Southeast Asia.
The Company has entered into an agreement to sell the Baltic for total
consideration of USD 60 million. The buyer intends to deploy the rig on a
multi-year, plug and abandonment (“P&A”) program in Southeast Asia, and Shelf
Drilling has agreed to provide rig management and operations support to the
buyer for the upcoming P&A campaign. Closing of the sale transaction is subject
to customary closing conditions with completion anticipated in late August 2024.


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 communications@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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