PRESS RELEASE 

SHELF DRILLING NORTH SEA REPORTS FIRST QUARTER 2023 RESULTS

Dubai, UAE, May 15, 2023 - Shelf Drilling (North Sea), Ltd. ("Shelf Drilling
North Sea" and, together with its subsidiaries, the "Company", Euronext Growth
Oslo Exchange: SDNS) announces results for the first quarter of 2023 ending
March 31. The results highlights will be presented by audio conference call on
May 16, 2023 at 6:00 pm Dubai time / 4:00 pm Oslo time. Dial-in details for the
call are included in the press release posted on May 9, 2023 and on page 3 of
this release.

David Mullen, Chief Executive Officer, commented: "We delivered strong
operational performance again in Q1 2023. Our revenue and EBITDA sequentially
decreased following the end of the contract for the Shelf Drilling Fortress in
January, and this rig is currently being marketed for multiple contract
opportunities. As of April 2023, the transition of the rigs purchased in October
2022 and operating in the United Kingdom, Denmark and Qatar is complete. The
Shelf Drilling Barsk was recently awarded a new contract with Equinor in Norway
expected to commence in May 2024, which represents a significant achievement for
the Company. Our commitment to safe operations and focus on excellence to
service our customers, combined with our financial strength and experience in
key markets, will allow Shelf Drilling North Sea to capitalize on an improving
market environment." 


First Quarter Highlights
o Q1 2023 adjusted revenues of $33.2 million, a 19% sequential decrease compared
to Q4 2022.
o Q1 2023 adjusted EBITDA of $6.7 million, representing an adjusted EBITDA
margin of 20%.
o Q1 2023 net loss of $2.4 million.
o Q1 2023 capital expenditures and deferred costs totaled $2.6 million.
o The Company's cash and cash equivalents balance at March 31, 2023 was $62.9
million.
o The Company's total debt at March 31, 2023 was $239.7 million.
o Contract backlog was $201.4 million at March 31, 2023 across four contracted
rigs.
o In April 2023, the Company secured a new contract for the Shelf Drilling Barsk
in Norway with total contract value of $61 million and planned commencement in
May 2024.

First Quarter Results

Adjusted revenues were $33.2 million in Q1 2023 compared to $41.2 million in Q4
2022. The $8.0 million (19%) sequential decrease in revenues was primarily due
to lower effective utilization. Effective utilization decreased to 80% in Q1
2023 from 98% in Q4 2022 as one rig in the United Kingdom completed its contract
in January 2023 and is currently being marketed for multiple opportunities.
Average earned dayrate decreased marginally to $75.8 thousand in Q1 2023 from
$76.9 thousand in Q4 2022. Adjusted revenues included other revenues which
declined from $13.8 million in Q4 2022 to $11.1 million in Q1 2023.

Total operating and maintenance expenses increased to $22.5 million in Q1 2023
compared to $19.7 million in Q4 2022. The increase of $2.8 million primarily
resulted from higher operating costs mainly due to strengthening of the local
currency relative to the US Dollar and higher demobilization costs on one rig in
the United Kingdom. 

General and administrative expenses were largely unchanged at $4.6 million in Q1
2023 and Q4 2022. One-time corporate transaction costs were $0.8 million for Q1
2023 and Q4 2022.

Adjusted EBITDA for Q1 2023 was $6.7 million compared to $17.0 million for Q4
2022. The adjusted EBITDA margin of 20% for Q1 2023 decreased from 41% in Q4
2022. 

Capital expenditures and deferred costs of $2.6 million in Q1 2023 decreased by
$417.1 million from $419.7 million in Q4 2022, primarily related to the $417.7
million for the acquisition of the five jack-ups in the prior period.

Q1 2023 ending cash and cash equivalents balance of $62.9 million increased by
$10.4 million from $52.5 million at the end of Q4 2022 primarily due to a
decrease in working capital in Q1 2023.


For further queries, please contact: 
Greg O'Brien, Executive Vice President and Chief Financial Officer 
Shelf Drilling (North Sea), Ltd. 
Tel.: +971 4567 3616 
Email : greg.obrien@shelfdrilling.com

Dial in Details for the Audio Conference call:
Participants will	receive	conference access information only when they register
for the conference via the link below: 

Online Registration:
https://register.vevent.com/register/BI83083cd4817c448081666cf1998375fe

Participants must register for the call using online registration. Upon
registering, each participant will be provided with call details.

About Shelf Drilling North Sea
Shelf Drilling North Sea is a shallow water offshore drilling contractor
primarily operating in the North Sea. The company's fit-for-purpose strategy and
fleet of modern high-specification harsh environment jack-up rigs enable it to
offer a broad range of services in the shallow water drilling markets. The
company is incorporated under the laws of Bermuda. Since October 12, 2022,
Company shares are listed on the Euronext Growth Oslo Exchange under the ticker
symbol SDNS. 

Special Note Regarding Forward-Looking Statements
Matters discussed in this announcement may constitute forward-looking
statements. Forward-looking statements are statements that are not historical
facts and may be identified by words such as "believe", "expect", "anticipate",
"strategy", "intends", "estimate", "will", "may", "continue", "should" and
similar expressions. The forward-looking statements in this release are based
upon various assumptions, many of which are based, in turn, upon further
assumptions. Although the Company believes that these assumptions were
reasonable when made, these assumptions are inherently subject to significant
known and unknown risks, uncertainties, contingencies and other important
factors which are difficult or impossible to predict and may be beyond its
control. Such risks, uncertainties, contingencies and other important factors
could cause actual events to differ materially from the expectations expressed
or implied in this release by such forward-looking statements. Given these
factors, users of this information should not place undue reliance on the
forward-looking statements.

Additional information about Shelf Drilling (North Sea), Ltd. can be found at
https://www.shelfdrillingnorthsea.com.

This information is subject to the disclosure requirements pursuant to Euronext
Growth Rule Book part II.