PRESS RELEASE

SHELF DRILLING, LTD. – LONG-TERM INCENTIVE PLAN

Dubai, February 13, 2020 – The Board of Shelf Drilling, Ltd. (“Shelf Drilling”
or the “Company”, OSE: SHLF) has approved awards of Restricted Stock Units
(“RSUs”) and Performance-Based Stock Units (“PSUs”) under the Company’s 2017
Long-Term Incentive Plan (the “2017 Plan”).

The combined number of RSUs and PSUs awarded is 2,805,778, or approximately 1.9%
of the authorised common shares in the Company, based on the assumption that
each PSU will pay out at target of one (1) common share per PSU. The RSUs are
subject to equal annual vesting in 2021, 2022 and 2023, conditioned upon the
holder’s continued employment within the Company group on each applicable
vesting date. Each vested RSU will entitle the holder to one (1) common share
without paying any consideration. Each PSU will give the holder the right to
receive from nil (0) to two (2) common shares without paying any consideration,
based on the Company’s achievement of applicable performance criteria over the
period beginning in 2020 and ending in 2022 and their continued employment
throughout the performance cycle. The maximum number of shares that could be
issued under this award is therefore 4,208,667. 

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 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 the Cayman Islands with corporate
headquarters in Dubai, United Arab Emirates. The company is listed on the Oslo
Stock Exchange under the ticker “SHLF”.

Additional information about Shelf 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.