Shelf Drilling Announces New Awards in West Africa

06 Sep 2024 07:20 CEST

PRESS RELEASE

SHELF DRILLING ANNOUNCES NEW AWARDS IN WEST AFRICA

Dubai, September 6, 2024 – Shelf Drilling, Ltd. (“Shelf Drilling” or the
“Company”, OSE: SHLF) announced today new awards for two jack-up rigs in West
Africa. Shelf Drilling has secured a contract for the Shelf Drilling Mentor
covering 10 wells and an estimated duration of 450 days in direct continuation
of the rig’s current campaign in Nigeria with a contract value of $60 million.
In addition, the Company secured a letter of award for the Shelf Drilling
Achiever for a multi-year campaign scheduled to commence in October 2024. The
Company expects to execute a contract for this program in the very near-term.

The Shelf Drilling Achiever rig is currently being mobilized to West Africa on a
dry transport carrier, expected to arrive before the end of September 2024.
Concurrently, Shelf Drilling is mobilizing the Main Pass IV rig using the same
dry transport carrier, and this rig is also expected to commence operations
before the end of 2024.

Greg O’Brien said, “We are very pleased with these two awards, which build on
our leading position in West Africa and demonstrate the strength of this market.
These awards further support our decision to mobilize the two rigs from the
Middle East, and we are confident that operations for the Main Pass IV will also
commence shortly after the rig’s arrival.”

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.


This press release may include “forward-looking statements”. These statements
can be identified by the use of forward-looking terminology, including the terms
“assumes,” “believes,” “estimates,” “anticipates,” “probability,” “risk,”
“target,” “goal,” “objective,” “expects,” “intends,” “projects,” “plans,” “may,”
“will” or “should” or, in each case, their negative or other variations or
comparable terminology. These forward-looking statements include all matters
that are not historical facts. They include statements regarding the intentions,
beliefs, or current expectations of the Company concerning, among other things,
the Company’s results of operations, financial condition, liquidity, prospects,
growth, strategies, and the industry in which it operates, and include any
business plan information included in this report. Any forward-looking
statements which the Company makes in the report speak only as of the date of
such statement. These statements are not guarantees of future performance and
involve certain risks, uncertainties, and assumptions that could cause actual
results to differ materially from those in the forward-looking statements. As a
result, you should be cautious in placing any reliance on such statements and
make your own judgment as to the likelihood of such statements materializing in
the future and the reasonableness of any underlying assumptions. The Company
does not intend, and undertakes no obligation, to revise the forward-looking
statements included in this report to reflect any future events or
circumstances.

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