PRESS RELEASE

SHELF DRILLING ANNOUNCES TERMINATION OF BAREBOAT CHARTER AGREEMENTS FOR TWO
JACK-UP RIGS

Dubai, 14 September 2020: Reference is made to the announcement by Shelf
Drilling, Ltd. ("Shelf Drilling" or the "Company", OSE ticker code "SHLF", and
together with its direct and indirect subsidiaries the "Group") on 21 February
2019 regarding the entering into of agreements with an affiliate (see Footnote
1) of China Merchants & Great Wall Ocean Strategy & Technology Fund ("CM" or
"China Merchants") for bareboat charter of, and the option to buy, two CJ-46
jack-up rigs (the "BBC Arrangement").

The Company has entered into an agreement with CM to terminate the BBC
Arrangement. The termination shall be effective upon the settlement of a total
charter payment of USD 4 million, payable by the Company in September 2020. 

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.

This information is subject to the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act.





______________________________________________________________________________
Footnote 1: Wealthy Marvel Enterprises Limited (a joint venture between CM and
TSC Group Holdings Limited (a company controlled by CM))

Click here for more information

© Oslo Bors ASA, source Oslo Stock Exchange