NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR
INDIRECTLY, IN OR INTO THE UNITED STATES OF AMERICA (INCLUDING ITS TERRITORIES
AND POSSESSIONS, ANY STATE OF THE UNITED STATES OF AMERICA AND THE DISTRICT OF
COLUMBIA) (THE "UNITED STATES"), AUSTRALIA, CANADA, THE HONG KONG SPECIAL
ADMINISTRATIVE REGION OF THE PEOPLE'S REPUBLIC OF CHINA OR JAPAN, OR ANY OTHER
JURISDICTION IN WHICH THE RELEASE, PUBLICATION OR DISTRIBUTION WOULD BE
UNLAWFUL. THIS ANNOUNCEMENT DOES NOT CONSTITUTE AN OFFER OF ANY OF THE
SECURITIES DESCRIBED HEREIN. 

PRESS RELEASE
SHELF DRILLING HOLDINGS, LTD. ANNOUNCES SENIOR SECURED NOTES LISTING

Dubai, December 21, 2023 - Shelf Drilling Holdings, Ltd. (the "Issuer"), a
wholly owned subsidiary of Shelf Drilling, Ltd. ("Shelf Drilling", OSE: SHLF),
hereby announces that the $1,095,000,000 in aggregate principal amount of its
9 5/8 % Senior Secured Notes due 2029 (the "Notes") issued on October 13, 2023, have
been admitted to the Official List of The International Stock Exchange.

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, the Mediterranean and the North 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 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.

Cautionary Statement
The Notes and the guarantees thereof will not be registered under the United
States Securities Act of 1933, as amended (the "Securities Act"), or applicable
state securities laws. Accordingly, the Notes were offered only to qualified
institutional buyers and to non-U.S. persons outside the United States ("U.S.")
in reliance on Rule 144A and Regulation S under the Securities Act,
respectively. Unless so registered, the Notes may not be offered or sold in the
United States or for the account or benefit of any U.S. person or in any way
distributed in the United States except pursuant to an exemption from the
registration requirements of the Securities Act and applicable state securities
laws.

This announcement is for informational purposes only and does not constitute an
offer to sell or a solicitation of an offer to buy the Notes or any other
security and shall not constitute an offer, solicitation or sale in the United
States or in any jurisdiction in which, or to any persons to whom, such
offering, solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of any jurisdiction.
This announcement is not being made in and copies of it may not be distributed
or sent into any jurisdiction in which, or to any persons to whom, such
offering, solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of any such jurisdiction.

This announcement does not constitute and shall not, in any circumstances,
constitute an invitation to the public in connection with any offer or
constitute any offer to the public, each within the meaning of Regulation (EU)
2017/1129 ("Prospectus Regulation"). In member states of the European Economic
Area ("EEA"), this announcement and any offer of the securities were made
pursuant to an exemption under the Prospectus Regulation from the requirement to
publish a prospectus for offers of the securities referred to herein.

The securities are not intended to be offered, sold or otherwise made available
to and should not be offered, sold or otherwise made available to any retail
investor in the EEA. For these purposes, a retail investor means a person who is
one (or more) of: (i) a retail client as defined in point (11) of Article 4(1)
of Directive 2014/65/EU (as amended, "MiFID II"); (ii) a customer within the
meaning of Directive 2016/97 (the "Insurance Distribution Directive"), where
that customer would not qualify as a professional client as defined in point
(10) of Article 4(1) of MiFID II; or (iii) not a "qualified investor" as defined
in the Prospectus Regulation. Consequently, no key information document required
by Regulation (EU) No 1286/2014 (as amended, the "PRIIPs Regulation") for
offering or selling the securities or otherwise making them available to retail
investors in the EEA has been prepared and therefore offering or selling the
securities or otherwise making them available to any retail investor in the EEA
may be unlawful under the PRIIPS Regulation.

The securities are not intended to be offered, sold or otherwise made available
to and should not be offered, sold or otherwise made available to any retail
investor in the United Kingdom ("UK"). For these purposes, a retail investor
means a person who is one (or more) of: (i) a retail client, as defined in point
(8) of Article 2 of Regulation (EU) No 2017/565 as it forms part of domestic law
by virtue of the European Union (Withdrawal) Act 2018 ("EUWA"); (ii) a customer
within the meaning of the provisions of the FSMA and any rules or regulations
made under the FSMA to implement Directive (EU) 2016/97, where that customer
would not qualify as a professional client, as defined in point (8) of Article
2(1) of Regulation (EU) No 600/2014 as it forms part of domestic law by virtue
of the EUWA; or (iii) not a "qualified investor" as defined in Article 2 of
Regulation (EU) 2017/1129 as it forms part of domestic law by virtue of the EUWA
("UK Prospectus Regulation"), and the expression an offer includes the
communication in any form and by any means of sufficient information on the
terms of the offer and the securities to be offered so as to enable an investor
to decide to purchase or subscribe for the securities. Consequently no key
information document required by Regulation (EU) No 1286/2014 as it forms part
of domestic law by virtue of the EUWA (as amended, the "UK PRIIPs Regulation")
for offering or selling the Notes or otherwise making them available to retail
investors in the UK has been prepared and therefore offering or selling the
Notes or otherwise making them available to any retail investor in the UK may be
unlawful under the UK PRIIPs Regulation.

In the UK, this announcement and any offer of the securities referred to herein
in the UK were made pursuant to an exemption under the UK Prospectus Regulation
from the requirement to publish a prospectus for offers of the securities
referred to herein. Accordingly, any person making or intending to make an offer
in the UK of Notes which are the subject of the offering contemplated may only
do so in circumstances in which no obligation arises for the Issuer or any of
the initial purchasers to publish a prospectus pursuant to Article 3 of the UK
Prospectus Regulation, in each case, in relation to such offer. Neither the
Issuer nor the initial purchasers have authorized, nor do they authorize, the
making of any offer of Notes in circumstances in which an obligation arises for
the Issuer or the initial purchasers to publish a prospectus for such offer. The
expression "UK Prospectus Regulation" means Regulation (EU) 2017/1129 as it
forms part of domestic law by virtue of the EUWA.

This communication is being distributed only to, and is only directed at persons
who (i) have professional experience in matters relating to investments falling
within Article 19(5) of the Financial Services and Markets Act 2000 (Financial
Promotion) Order 2005, as amended (the "Financial Promotion Order") (ii) are
persons falling within Article 49(2)(a) to (d) (high net worth companies,
unincorporated associations, etc.) of the Financial Promotion Order, (iii) are
outside the United Kingdom or (iv) are persons to whom an invitation or
inducement to engage in investment activity (within the meaning of section 21 of
the Financial Services and Markets Act 2000 in connection with the issue and
sale of any securities may otherwise lawfully be communicated or caused to be
communicated (all such persons together being referred to as "relevant
persons"). This announcement is directed only at relevant persons and must not
be acted on or relied on by persons who are not relevant persons. Any investment
or investment activity to which this announcement relates is available only to
relevant persons and will be engaged in only with relevant persons.

Neither the content of the Issuer's website nor any website accessible by
hyperlinks on the Issuer's website is incorporated in, or forms part of, this
announcement. The distribution of this announcement into certain jurisdictions
may be restricted by law. Persons into whose possession this announcement comes
should inform themselves about and observe any such restrictions. Any failure to
comply with these restrictions may constitute a violation of the securities laws
of any such jurisdiction. 

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

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