Shelf Drilling Announces Closing of the Sale of the Baltic Rig

23 Sep 2024 13:30 CEST

PRESS RELEASE

SHELF DRILLING ANNOUNCES CLOSING OF THE SALE OF THE BALTIC RIG

Dubai, September 23, 2024 – Reference is made to the announcement by Shelf
Drilling, Ltd. (“Shelf Drilling” or the “Company”, OSE: SHLF) on July 30, 2024
regarding the agreement to sell the jack-up rig Baltic for total consideration
of USD 60 million. Today, the Company announces completion of the sale of the
Baltic and receipt of funds.

With reference to the previous press release, the buyer intends to deploy the
rig on a multi-year, plug and abandonment (“P&A”) program in Malaysia, and Shelf
Drilling has agreed to provide rig management and operations support to the
buyer for the upcoming P&A campaign.

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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