Shelf Drilling Ltd. - New CFO Assumes Position and RSU and PSU Grant Letter

14 Oct 2024 12:53 CEST

PRESS RELEASE

SHELF DRILLING, LTD. – NEW CFO ASSUMES POSITION AND GRANT OF RSUs AND PSUs

Dubai, October 14, 2024 – Reference is made to the announcement by Shelf
Drilling, Ltd. (“Shelf Drilling” or the “Company”, OSE: SHLF) on July 31, 2024,
regarding the appointment of Douglas Stewart as Executive Vice President and
Chief Financial Officer.

The Company is pleased to announce that Douglas has assumed the position as of
today, October 14, 2024.

The Board of the Company has resolved to award 182,570 Restricted Stock Units
(“RSUs”) and 182,570 Performance-Based Stock Units (“PSUs”) to Douglas Stewart
under the Company’s 2017 Long-Term Incentive Plan (the “2017 Plan”).

The RSUs are subject to equal annual vesting in 2025, 2026 and 2027, conditioned
upon the holder’s continued employment within the Company group on each
applicable vesting date. Each vested RSU will entitle the holder to one (1)
common share without paying any consideration. Each PSU will give the holder the
right to receive from nil (0) to two (2) common shares without paying any
consideration, based on the Company’s achievement of applicable performance
criteria over the period beginning in 2024 and ending in 2026 and their
continued employment throughout the performance cycle. The maximum number of
shares that could be issued under this award is therefore 547,710.

Please see the attached form for further details.

For further information, please contact: investor.relations@shelfdrilling.com

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. Shelf
Drilling 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.


This information is subject to the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act.

More information:
Access the news on Oslo Bors NewsWeb site

629559_PDMR Attachment - Douglas Stewart.pdf