Shelf Drilling Share Capital Increase

07 Feb 2025 15:22 CET

PRESS RELEASE

SHELF DRILLING SHARE CAPITAL INCREASE

Dubai, February 7, 2025: Reference is made to the announcement by Shelf
Drilling, Ltd. (“Shelf Drilling” or the “Company”, OSE: SHLF) on February 5,
2025 regarding the resolution by the Company’s board of directors to issue a
total of 544,147 new common shares in the Company as settlement of restricted
stock units (“RSUs”) under the Company’s 2017 Long-Term Incentive Plan.

Today, the new common shares have been legally and validly issued. Following
such share issue, the issued share capital of the Company is 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.

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 section
5-12 of the Norwegian Securities Trading Act.

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