PRESS RELEASE

SHELF DRILLING ANNOUNCES SALE OF SHELF DRILLING JOURNEY JACK-UP RIG TO ADNOC
DRILLING 

Dubai, December 21, 2020 - Shelf Drilling, Ltd. ("Shelf Drilling" or the
"Company", OSE: SHLF) announces that one of its subsidiaries ("Seller") has
entered into a definitive agreement with ADNOC Drilling, a subsidiary of the Abu
Dhabi National Oil Company (ADNOC), to sell the Shelf Drilling Journey jack-up
drilling rig for a total consideration of USD 77.6 million. Seller has been
designated as an unrestricted subsidiary as defined in the applicable financing
agreements of the Company's subsidiaries. The transaction is subject to
customary closing conditions, and the rig is expected to be delivered during the
first quarter of 2021.

About Shelf Drilling
Shelf Drilling is a leading international shallow water offshore drilling
contractor with rig operations across the 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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