SHELF DRILLING, LTD. PRESS RELEASE SHELF DRILLING ANNOUNCES AMENDMENT TO REVOLVING CREDIT FACILITYDubai ,September 22, 2020 -Shelf Drilling, Ltd. ("Shelf Drilling " or the "Company", OSE: SHLF) announced today thatShelf Drilling Holdings, Ltd. ("SDHL"), one of its indirect, wholly-owned subsidiaries, has entered into an amendment (the "Amendment") of itsUSD 225 million revolving credit facility maturingApril 30, 2023 (the "RCF"). The Amendment provides relief from the Total Net Leverage Ratio financial covenant fromJanuary 1, 2021 throughSeptember 29, 2021 , unless the Company elects to terminate such relief earlier in accordance with the terms of the Amendment. The Amendment, among other things, increases the applicable margin under the RCF by 100 basis points, adds financial covenants requiring a minimum 1.50:1.00 Consolidated Coverage Ratio and a maximum 1.50:1.00 Senior Secured Leverage Ratio (defined to exclude liens junior to those securing the RCF), and prohibits cash dividends by SDHL, until the end of such covenant relief. As ofAugust 31, 2020 , the total usage of the RCF wasUSD 71 million , which includedUSD 55 million of borrowings andUSD 16 million of outstanding bank guarantees. 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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