Shelf Drilling Announces New Contracts in West Africa

10 Oct 2024 14:16 CEST

PRESS RELEASE

SHELF DRILLING ANNOUNCES NEW CONTRACTS IN WEST AFRICA

Dubai, October 10, 2024 – Shelf Drilling, Ltd. (“Shelf Drilling” or the
“Company”, OSE: SHLF) announced today new contracts for two jack-up rigs in
Nigeria. With reference to the press release dated September 6, 2024 regarding
the award in West Africa, the Company has now fully executed a three-year
contract for the Shelf Drilling Achiever jack-up rig for operations offshore
Nigeria. The planned start-up of operations is October 2024, and the contract
also includes an option for up to two years at rates to be mutually agreed. In
addition, Shelf Drilling has secured a two-year extension for the Adriatic I
jack-up rig commencing February 2025 in direct continuation of the rig’s current
contract in Nigeria, plus an additional one-year option. The combined contract
value for the five-year total firm period added for the two rigs, excluding
mobilization and demobilization revenue, is USD 234 million.

Greg O’Brien, Chief Executive Officer, said, “These contracts in Nigeria
contribute significant backlog and revenue visibility for Shelf Drilling in 2025
and beyond. We look forward to delivering continued strong safety and operating
performance with the Adriatic I following many years of continuous activity in
Nigeria and successfully bringing the Shelf Drilling Achiever into operations
later this month.”

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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