PRESS RELEASE

SHELF DRILLING NORTH SEA REPORTS SECOND QUARTER 2024 RESULTS

Dubai, UAE, August 14, 2024 - 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 second quarter of 2024 ending
June 30. The results highlights will be presented by audio conference call on
August 15, 2024 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 August 6, 2024 and on page
3 of this release.

David Mullen, Chief Executive Officer, commented: "Our financial results for the
second quarter of 2024 continued to be impacted by the preparation of two of our
rigs for upcoming contracts. We are very pleased with the successful recent
contract commencement of the Shelf Drilling Perseverance, which anchors our
presence with a key customer in Vietnam. The delayed start for the Shelf
Drilling Barsk in Norway will have a negative effect on our third quarter
results. We have dedicated significant resources to this project and are
confident that we will complete the regulatory approval process and commence the
contract in the fourth quarter of 2024."

Mullen added: "We have significantly grown our backlog in 2024. As of the end of
June, our contract backlog was $341 million, and we added in July a new $68
million award for the Shelf Drilling Winner in Denmark extending the rig's
contract coverage until August 2026. Our focus on safe and efficient service
delivery to our customers, strong backlog and unique operating platform will
position us to deliver significant improvement in earnings and cash flow in 2025
and beyond."

Second Quarter Highlights
o Q2 2024 adjusted revenues of $28.2 million.
o Q2 2024 adjusted EBITDA of $(14.0) million.
o Q2 2024 net loss of $(33.7) million.
o Q2 2024 capital expenditures and deferred costs totaled $16.3 million. YTD
2024 capital expenditures and
deferred costs totaled $28.9 million.
o The Company's cash and cash equivalents balance at June 30, 2024 was $37.2
million.
o Contract backlog was $341.2 million at June 30, 2024 across five contracted
rigs.
o In June 2024, the Company announced a delay in commencement of the contract
for the Shelf Drilling Barsk due to ongoing efforts to obtain regulatory
approvals in Norway. The contract is now expected to commence in Q4 2024.
o In July 2024, the Company secured a 17-month contract extension for the Shelf
Drilling Winner in direct
continuation of its current contract in Denmark, extending the firm commitment
period for the rig to August
2026.
o In early August 2024, the Shelf Drilling Perseverance commenced a new contract
for operations in Vietnam
for 16 months.

Second Quarter Results
Adjusted revenues of $28.2 million in Q2 2024 marginally increased as compared
to $27.7 million in Q1 2024. Average earned dayrate remained largely unchanged
at $96.9 thousand in Q2 2024 from $96.8 thousand in Q1 2024.

Effective utilization decreased to 58% in Q2 2024 from 59% in Q1 2024, as two
rigs remained out of service for the entire quarter preparing for new contracts.

Total operating and maintenance expenses increased to $38.0 million in Q2 2024
compared to $35.3 million in Q1 2024. The sequential increase of $2.7 million
was primarily due to higher contract preparation expenses for one rig in Vietnam
that commenced operations in early August 2024.

General and administrative expenses decreased to $3.8 million in Q2 2024
compared to $4.2 million in Q1 2024. The decrease of $0.4 million was primarily
due to lower one-time transition costs and professional fees during the current
period.

Adjusted EBITDA for Q2 2024 decreased to $(14.0) million compared to $(11.3)
million for Q1 2024, primarily due to higher contract preparation expenses on
the Shelf Drilling Perseverance that was preparing for a new contract which
commenced in Q3 2024.

Capital expenditures and deferred costs of $16.3 million in Q2 2024 increased
from $12.6 million in Q1 2024, primarily due to higher contract preparation
expenditures for one rig in Norway expected to commence a new contract in Q4
2024 and higher spending on fleet spares. In addition, there was a continued
high level of spending on one rig that commenced a new contract in Vietnam in
early August 2024.

Q2 2024 ending cash and cash equivalents balance of $37.2 million increased by
$23.6 million from $13.6 million at the end of Q1 2024 primarily due to the net
cash inflows from the successful debt refinancing transactions in Q2 2024,
partially offset by the two rigs which were out of service for the full quarter
preparing for their new contracts.

For further queries, please contact:
Greg O'Brien
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/BIaa7df96c5aae41f2b35482c5158e2950

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.