PRESS RELEASE SHELF DRILLING ANNOUNCES CHANGES TO THE BOARD OF DIRECTORSDubai ,13 August 2020 -Shelf Drilling, Ltd. ("Shelf Drilling " or the "Company", OSE: SHLF) has been notified by each ofHongyuan Wang andMenggui Zhang of their respective resignations as directors of the Company with effect fromAugust 31, 2020 .David Mullen , CEO, commented: "I would like to thank Hongyuan and Menggui for their valuable contributions during their respective tenures and wish them both well in the future." The Board of Directors of the Company has, based on the unanimous recommendation of the Nomination Committee, decided to nominate MrCong Yongjian and MrLou Dongyang for election as directors of the Company at the annual general meeting to be held onAugust 31, 2020 . Biographies of the nominated directors are set out below: Mr.Cong Yongjian , aged 44, is an attorney admitted in the bars ofPeople's Republic of China andNew York State of the United States of America. He has over 15 years of extensive experience in alternative investments and legal practice, including cross-border acquisitions, private equity investments, mezzanine financing, debt restructuring, asset restructuring and other special situations investments.Mr. Cong has been the person in charge ofChina Merchants Capital Marine Industry Fund since 2013. From 2011 to 2013, he was one of the founding members ofChina Development Bank International Holdings Ltd ("CDBI"), where he served on the Investment Committee and was in charge of fund and legal departments. At CDBI,Mr. Cong led the equity investment amounting toUS$200 million inAlibaba Group as well as many privatization transactions of Chinese companies listed overseas. In addition, as the person in charge of the fund department of CDBI, he directly led the establishing of overUS$5 billion of USD- and RMB-denominated funds. From 2005 to 2010, he worked in alternative investments atJ.P. Morgan ,Standard Chartered , and other global financial institutions, and was mainly engaged in private equity investments, real estate investments, mezzanine financing, acquisition and disposal of non-performing assets, and other special situations investments. His projects spanned across major cities inAsia , and was the person in charge of stripping, restructuring and acquisition of distressed assets of financial institutions inChina andMalaysia .Mr. Cong obtained degrees of Master of Laws from bothUniversity of International Business and Economics in thePRC andCornell University in theUSA . Moreover, he was an independent non-executive director ofSunway International Holdings Limited (00058.HK) from14 August 2015 to6 June 2019 . Mr.Lou Dongyang , aged 44, is currently a Chairman and Non-executive Director inCMIC Ocean En-Tech Holding Co., Ltd. sinceApril 2018 . He is also the Chief Financial Officer of China Merchants ("CM")Industry Holdings Co., Ltd. Mr. Lou served as an engineer in theChemical Engineering Office of the Institute of Standardization of Nuclear Industry and as secretary-general for theNational Technical Committee for Standardization of Radioisotopes fromJuly 1997 toOctober 2001 , as an engineer in thePlanning Department inChina Isotope Company fromOctober 2001 toAugust 2003 , as a specialist of the board of supervisors for Key Large State-Owned Enterprises under theState Council fromAugust 2003 toAugust 2004 , as deputy head of the board of supervisors for Key Large State-Owned Enterprises under theState Council fromSeptember 2008 toSeptember 2012 , as an assistant to the department director of the intellectual property administrative department ofChina Merchants Group Limited ("CM Group ") fromSeptember 2012 toMay 2015 , as an assistant to the department director of the finance department (intellectual property department) ofCM Group fromMay 2015 toOctober 2015 , and as a deputy department director of the finance department (intellectual property department) ofCM Group fromOctober 2015 toNovember 2017 .Mr. Lou obtained a bachelor's degree in applied chemistry fromPeking University in 1997 and a master's degree in business administration also fromPeking University in 2002. AboutShelf Drilling Shelf Drilling is a leading international shallow water offshore drilling contractor with rig operations acrossMiddle East ,Southeast Asia ,India ,West Africa and the Mediterranean.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 theCayman Islands with corporate headquarters inDubai, United Arab Emirates . The company is listed on theOslo Stock Exchange under the ticker "SHLF". Additional information aboutShelf 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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