SHELF DRILLING, LTD. PRESS RELEASE SHELF DRILLING ANNOUNCES CEO TRANSITIONCayman Islands ,February 7, 2024 -Shelf Drilling, Ltd. ("Shelf Drilling " or the "Company", OSE: SHLF) announced today that the Board has approved a transition plan, effectiveAugust 2024 , whereDavid Mullen will step down from the role of Chief Executive Officer (CEO) and assume that of Executive Chairman. At the same time,Greg O'Brien current Executive Vice President & Chief Financial Officer (EVP & CFO), will be appointed as CEO. Concurrently,Ernie Danner will step down as Chairman of the Board and will then serve as Lead Independent Director of the Company. The Company has launched a search process to identify a suitable candidate to replaceGreg O'Brien as EVP & CFO.David Mullen said "I would like to thank all our stakeholders for their support ofShelf Drilling since company inception. I am very proud of what we have achieved and look forward to working with Greg and the management team to ensure a successful transition. I would also like to thank Ernie for his leadership on the Board. In my role as Executive Chairman, I look forward to collaborating with him and the Board to continue drivingShelf Drilling's success, capitalizing on the improving market, and further enhancing value for our investors."Greg O'Brien said "I would like to thank the Board of Directors for their confidence in me and support of this transition. David's outstanding vision and leadership has set a high standard and established a solid foundation for the Company. The proven track record and continuity of theShelf Drilling management team is truly unique in our industry, and I look forward to leading this great team. Moving forward, we will remain focused on improving our already best-in-class operating platform and further strengthening our relationships with employees, customers, investors, and all other stakeholders." AboutShelf Drilling Shelf Drilling is a leading international shallow water offshore drilling contractor with rig operations acrossMiddle East ,Southeast Asia ,India ,West Africa , Mediterranean andNorth 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 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 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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