SHELF DRILLING, LTD. PRESS RELEASE SHELF DRILLING BOARD OF DIRECTORS APPROVES SHARE ISSUEDubai ,10 February 2021 : Reference is made to the announcement byShelf Drilling, Ltd. ("Shelf Drilling " or the "Company", OSE: SHLF) on13 February 2020 regarding the award of Restrictive Stock Units ("RSUs") and Performance-Based Stock Units ("PSUs") under the Company's 2017 Long-Term Incentive Plan (the "2017 Plan"). Subject to the holder's continued employment with the group, one third of the RSUs will vest on the first anniversary from the date of grant (i.e.12 February 2021 ) and entitle the holder to receive one common share in the Company for each vested RSU without consideration. In order to settle the RSUs, the Company's board of directors has today resolved to issue a total of 467,632 new common shares, each with a par value ofUSD 0.01 , to the RSU holders. The share issue is conditional upon the vesting of the RSUs on12 February 2021 . Following the share issue, the issued share capital of the Company will beUSD 1,366,906.72 , divided into 136,690,672 common shares, each with a par value ofUSD 0.01 . The authorised share capital of the Company isUSD 1,840,634.73 , divided into 184,063,473 shares, each with a par value ofUSD 0.01 . 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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