SHELF DRILLING, LTD. PRESS RELEASE SHELF DRILLING HOLDINGS, LTD. ANNOUNCES PROPOSED SECURED NOTES OFFERINGDubai ,March 11, 2021 -Shelf Drilling Holdings, Ltd. (the "Company"), a wholly owned subsidiary ofShelf Drilling, Ltd. ("Shelf Drilling "), announced today that it plans to offer, subject to market conditions,$300 million aggregate principal amount of senior secured first lien notes due 2024 (the "notes"). The notes will be guaranteed byShelf Drilling and certain of the Company's subsidiaries that guarantee its existing indebtedness and will be secured by a first-priority lien on substantially all of the assets of the Company and the subsidiary guarantors. The net proceeds from the notes offering will be used to repay and terminate our revolver, cash collateralize bank guarantees issued under the revolver, redeem or repurchase all of the outstanding 8.75% Senior Secured Notes due 2024 and for general corporate purposes. The notes have not been and will not be registered under theU.S. Securities Act of 1933 (the "Securities Act"), any state securities laws or the securities laws of any other jurisdiction, and may not be offered or sold inthe United States absent registration or an applicable exemption from registration. Accordingly, the notes are being offered and sold only to persons reasonably believed to be qualified institutional buyers in accordance with Rule 144A under the Securities Act and outsidethe United States in reliance on Regulation S under the Securities Act. This press release does not constitute an offer to sell, or the solicitation of an offer to buy, any security and shall not constitute an offer, solicitation or sale in any jurisdiction in which such offer, solicitation or sale would be unlawful. This press release shall not constitute an offer to purchase or a notice of redemption with respect to our Senior Secured Notes due 2024. AboutShelf Drilling Shelf Drilling is a leading international shallow water offshore drilling contractor engaged in the provision of equipment and services for the drilling, completion and workover of offshore oil and natural gas wells.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.Shelf Drilling's shares are listed on theOslo Stock Exchange . Contact details For questions or comments, please contact investor.relations@shelfdrilling.com. Forward-Looking Statements This press release contains "forward-looking statements" which are subject to certain risks, trends and uncertainties. In particular, statements made that are not historical facts may be forward-looking statements. Words such as "should," "may," "will," "anticipates," "expects," "intends," "plans," "believes," "seeks," "estimates," "contemplates" and similar expressions identify forward-looking statements. Such statements are not guarantees of future performance and are subject to risks and uncertainties that could cause actual results to differ materially from the results projected, expressed or implied by these forward-looking statements. Such forward-looking statements include statements regarding the intention to issue new senior notes and to use offering proceeds to repay and terminate our revolver, cash collateralize bank guarantees issued under the revolver, redeem or repurchase all of the outstanding 8.75% Senior Secured Notes due 2024 and for general corporate purposes. Such forward-looking statements speak only as of the date of this press release and the Company does not undertake any obligation to update any forward-looking statements.
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