PRESS RELEASE

SHELF DRILLING, LTD. AND SHELF DRILLING (NORTH SEA), LTD. - COMPLETION OF
ACQUISITION OF SHELF DRILLING (NORTH SEA), LTD.

Dubai, October 11, 2024 - Reference is made to the stock exchange announcement
as of September 16, 2024 regarding an agreement and plan of merger (the "Merger
Plan") entered into between Shelf Drilling, Ltd. ("Shelf Drilling"), an indirect
subsidiary of Shelf Drilling ("MergerSub"), and Shelf Drilling (North Sea), Ltd.
("Shelf Drilling North Sea") whereby pursuant to the merger of MergerSub with
and into Shelf Drilling North Sea, Shelf Drilling North Sea would become a
wholly owned subsidiary of Shelf Drilling (the "Merger"). 

Reference is also made to the subsequent announcement as of September 18, 2024,
related to the notice for the Special General Meeting of Shelf Drilling North
Sea to approve the Merger Plan, the Statutory Merger Agreement (as defined
therein) and the Merger (together, the "Merger Proposal") and the announcement
as of October 10, 2024 related to the adoption of and approval of the Merger
Proposal by the Special General Meeting of Shelf Drilling North Sea. 

The Merger has today been registered by the Bermuda Registrar of Companies and
the certificate of merger for the Merger has been issued by the Bermuda
Registrar of Companies. On that basis, Shelf Drilling and Shelf Drilling (North
Sea) are pleased to confirm that the Merger has now been formally completed. 

As announced in the stock exchange announcement as of October 4, 2024,
containing "key dates" for the Merger, the merger consideration shares will be
delivered to the eligible Shelf Drilling North Sea shareholders on October 16,
2024. The share consideration of 1.05 shares in Shelf Drilling for each Shelf
Drilling North Sea share held per the record date will be rounded downwards to
the nearest whole number of shares. The cash consideration will be paid to Shelf
Drilling North Sea shareholders on October 18, 2024. 

Monday, October 14, 2024, will be the first day of trading of the combined
company on the Oslo Stock Exchange under the "SHLF" ticker. 

The updated share capital and number of issued shares of Shelf Drilling
following the completion of the Merger will be published following the record
date (as the number is dependent on the rounding of the consideration shares to
be issued). 

For further information, please contact: investor.relations@shelfdrilling.com 

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. The company 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. 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.

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

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