Dubai - Reference is made to the announcement by Shelf Drilling, Ltd. ('Shelf Drilling' or the 'Company', OSE: SHLF) today, regarding the issuance of 467,632 new common shares in the Company without any consideration, as settlement of restricted stock units ('RSUs') under the Company's 2017 Long-Term Incentive Plan.

In order to cover taxes payable by certain RSU holders upon delivery of the common shares, the Company will facilitate, on behalf of those certain RSU holders, the sale of 65,083 common shares in the market.

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'.

Contact:

Tel: +971 4 567 3400

Fax: +971 4 567 3401

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