SHELF DRILLING, LTD. PRESS RELEASE SHELF DRILLING PRIMARY INSIDER NOTIFICATIONDubai ,15 May 2021 : Reference is made to the announcement byShelf Drilling, Ltd. ("Shelf Drilling " or the "Company", OSE: SHLF) today, regarding the issuance of 245,394 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 35,139 common shares in the market. The following primary insiders of the Company have today been issued the number of common shares in the Company set out against their name as settlement of an equivalent number of RSUs, being one third of the RSUs awarded on15 May 2019 :David Mullen (CEO) Common shares issued: 91,103William Hoffman (COO) Common shares issued: 53,546 17,135 of the common shares will be sold to cover taxes payable byMr. Hoffman .Gregory O'Brien (CFO) Common shares issued: 33,466 16,398 of the common shares will be sold to cover taxes payable byMr. O'Brien .Ian Clark (EVP) Common shares issued: 37,185 Following the settlement of the RSUs, and the sale of shares to cover takes (where applicable):Mr. Mullen holds 1,098,942 common shares in the Company, 428,568 RSUs and 779,507 PSUs.Mr. Hoffman holds 603,029 common shares in the Company, 251,892 RSUs and 458,159 PSUs.Mr. O'Brien holds 288,680 common shares in the Company, 157,432 RSUs and 286,349 PSUs.Mr. Clark holds 464,413 common shares in the Company, 174,925 RSUs and 318,166 PSUs. Please see attached forms for details. 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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