Shelf Drilling : Share Capital Increase

PRESS RELEASE

SHELF DRILLING SHARE CAPITAL INCREASE

Dubai, 15 November 2020: Reference is made to the announcement by Shelf Drilling, Ltd. ("Shelf Drilling"

or the "Company", OSE: SHLF) on 28 October 2020 regarding the resolution by the Company's board of directors to issue 40,863 new common shares in the Company to the chairman of the board of directors as settlement of restricted stock units under the Company's 2017 Long-Term Incentive Plan.

The new common shares were legally and validly issued on 14 November 2020. Following such share issue, the issued share capital of the Company is USD 1,362,230.40, divided into 136,223,040 common shares, each with a par value of USD 0.01. The authorised share capital of the Company is USD 1,840,634.73, divided into 184,063,473 shares, each with a par value of USD 0.01.

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".

Additional information about Shelf Drilling can be found at www.shelfdrilling.com.

Contact details

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