Shelf Drilling Board of Directors Approves Share Issue and Grant of RSUs and PSUs

05 Feb 2025 19:54 CET

PRESS RELEASE

SHELF DRILLING BOARD OF DIRECTORS APPROVES SHARE ISSUE AND GRANT OF RSUS AND
PSUS

Dubai, February 5, 2025: Reference is made to the announcement by Shelf
Drilling, Ltd. (“Shelf Drilling” or the “Company”, OSE: SHLF) on February 7,
2024 regarding the award of Restrictive Stock Units (“RSUs”) and
Performance-Based Stock Units (“PSUs”) under the Company’s 2017 Long-Term
Incentive Plan (the “2017 Plan”).

Subject to the holder’s continued employment with the group, one third of the
RSUs will vest on the first anniversary of the date of grant (i.e. February 7,
2025) and entitle the holder to receive one common share in the Company for each
vested RSU without consideration. In order to settle the RSUs, the Company’s
board of directors (the “Board”) has today resolved to issue a total of 544,147
new common shares, each with a par value of USD 0.01, to the RSU holders. The
share issue is conditional upon the vesting of the RSUs on February 7, 2025.

Following the share issue, the issued share capital of the Company will be USD
2,563,907.99, divided into 256,390,799 common shares, each with a par value of
USD 0.01. The authorised share capital of the Company is USD 2,780,634.73,
divided into 278,063,473 shares, each with a par value of USD 0.01.

The Board has also today approved new awards of RSUs and PSUs under the 2017
Plan. The combined number of RSUs and PSUs awarded is 5,448,561, or
approximately 1.96% of the authorised common shares in the Company, based on the
assumption that each PSU will pay out at target of one (1) common share per PSU.
The RSUs are subject to equal annual vesting in 2026, 2027 and 2028, 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 2025 and ending in 2027 and their
continued employment throughout the performance cycle. The maximum number of
shares that could be issued under this award is therefore 7,512,219.

Certain primary insiders of the Company have been awarded RSUs and PSUs under
the 2017 Plan as further described in the attached notification forms.

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 investor.relations@shelfdrilling.com

This information is subject to the disclosure requirements pursuant to article
19 of the EU Market Abuse Regulation and section 5-12 of the Norwegian
Securities Trading Act.

More information:
Access the news on Oslo Bors NewsWeb site

637799_SHLF - PDMR Forms - LTIP (Feb 2025).pdf