PRESS RELEASE

SHELF DRILLING ANNOUNCES CONTRACT UPDATE FOR HIGH ISLAND VII AND COMPACT DRILLER

Dubai, January 18, 2021 - Shelf Drilling, Ltd. ("Shelf Drilling" or the
"Company", OSE: SHLF) announced today that it has received a notification from
customer on early termination of the contracts for the High Island VII and
Compact Driller jack-up rigs. The contract end date for both rigs has been
updated to August 2021. The original contract end dates for the High Island VII
and Compact Driller were February 2023 and June 2022, respectively.

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 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 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 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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