Shelf Drilling Announces Main Pass I Rig Update

18 Dec 2024 17:05 CET

PRESS RELEASE

SHELF DRILLING ANNOUNCES MAIN PASS I RIG UPDATE

Dubai, December 18, 2024 – Shelf Drilling, Ltd. (“Shelf Drilling” or the
“Company”, OSE: SHLF) announced today that the Company has entered into an
agreement to sell the Main Pass I for total consideration of USD 11 million. The
rig will be permanently retired from drilling operations, with the major
drilling equipment and inventory removed for use across the Shelf Drilling
fleet. The sale is subject to customary closing conditions and is expected to
close by February 2025.

Shelf Drilling has now served notice to terminate the drilling contract that was
suspended in respect of the Main Pass I rig in the Middle East earlier this
year.

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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