PRESS RELEASE SHELF DRILLING SHARE CAPITAL INCREASEDubai ,12 February 2021 : Reference is made to the announcement byShelf Drilling, Ltd. ("Shelf Drilling " or the "Company", OSE: SHLF) on10 February 2021 regarding the resolution by the Company's board of directors to issue 467,632 new common shares in the Company as settlement of restricted stock units ("RSUs") under the Company's 2017 Long-Term Incentive Plan. Today, the new common shares have been legally and validly issued. Following such share issue, the issued share capital of the Company isUSD 1,366,906.72 , divided into 136,690,672 common shares, each with a par value ofUSD 0.01 . The authorised share capital of the Company isUSD 1,840,634.73 , divided into 184,063,473 shares, each with a par value ofUSD 0.01 . 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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