PRESS RELEASE

SHELF DRILLING NORTH SEA
SUCCESSFUL PLACEMENT OF NEW 4.5-YEARS SENIOR SECURED FIRST LIEN BONDS

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WOULD BE UNLAWFUL. THIS ANNOUNCEMENT DOES NOT CONSTITUTE AN OFFER OF ANY OF THE
SECURITIES DESCRIBED HEREIN. 

Dubai, April 26, 2024: Shelf Drilling (North Sea), Ltd. (the "Company" or
"SDNS") has, through its subsidiary Shelf Drilling (North Sea) Holdings, Ltd.
("SDNSH"), today successfully placed new USD 315 million senior secured first
lien bonds with a tenor of 4.5 years (the "Bonds"). The Bonds will carry a fixed
annual coupon of 9.875%, payable semi-annually. The net proceeds from the Bonds
will be used to refinance the outstanding senior secured notes with maturity in
October 2025 (the "Existing Notes"), fund the previously disclosed short-term
liquidity requirement and transaction costs (including the call premium on the
Existing Notes) and for general corporate purposes.

SDNSH submitted a redemption notice for the Existing Notes on April 22, 2024,
with expected redemption date on May 22, 2024, coinciding with the expected
settlement date of the Bonds. 

An application will be made for the Bonds to be listed on Nordic ABM.

DNB Markets acted as Sole Global Coordinator and Joint Bookrunner, while Arctic
Securities AS and Clarksons Securities AS acted as Joint Bookrunners in the bond
issue.

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, Mediterranean and North Sea. 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. Shelf
Drilling is incorporated under the laws of the Cayman Islands with corporate
headquarters in Dubai, United Arab Emirates, and is listed on the Oslo Stock
Exchange under the ticker "SHLF".

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. SDNS is
incorporated under the laws of Bermuda. Since October 12, 2022, SDNS shares are
listed on the Euronext Growth Oslo Exchange under the ticker "SDNS".

Contact Details
For questions or comments please contact investor.relations@shelfdrilling.com.

This information may be considered to be inside information pursuant to the EU
Market Abuse Regulation (MAR) and may be subject to the disclosure requirements
pursuant to MAR article 17 and Section 5-12 the Norwegian Securities Trading
Act. This stock exchange announcement was published by Prerna Nandwani, Senior
Manager - Corporate Communications, at the date and time as set out above.