PRESS RELEASE

SHELF DRILLING, LTD. - SHARE CAPITAL INCREASE

Dubai, November 23, 2025: Shelf Drilling, Ltd. ("Shelf Drilling" or the
"Company", OSE: SHLF) has today issued a total of 20,949,478 unlisted new common
shares in the Company to Shelf Drilling Midco, Ltd. The shares are being issued
to facilitate the settlement of existing share options and share units held
under the Company's long term incentive plan at completion of the merger with
ADES. 

Following such share issue, the issued share capital of the Company is USD
2,780,634.73, divided into 278,063,473 common shares, each with a par value of
USD 0.01. The authorised share capital of the Company is USD 2,780,634.73,
divided into 278,063,473 shares, each with a par value of USD 0.01.
 
The newly issued shares will not be listed on the Oslo Stock Exchange.

This information is subject to the disclosure requirements pursuant to article
19 of the EU Market Abuse Regulation and section 5-12 of the Norwegian
Securities Trading Act.  

About Shelf Drilling 
Shelf Drilling is a leading international shallow water offshore drilling
contractor with rig operations across the Middle East, Southeast Asia, India,
West Africa, the Mediterranean and the 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. 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.