PRESS RELEASE

SHELF DRILLING ANNOUNCES COMPLETION OF LEADERSHIP TRANSITION

Dubai, August 15, 2024 - Reference is made to the announcement by Shelf
Drilling, Ltd. ("Shelf Drilling" or the "Company", OSE: SHLF) on February 7,
2024 regarding the Company's leadership transition plan and to the Company's
Annual General Meeting held on June 12, 2024. Today, the Company announces that
Greg O'Brien has assumed the role of Chief Executive Officer, David Mullen that
of Executive Chairman and Ernie Danner becomes Lead Independent Director.

Greg O'Brien has been the Company's Executive Vice President & Chief Financial
Officer since March 2016 and previously served as Director of Strategic
Planning, overseeing the Company's corporate development efforts. 

Greg O'Brien said "It is a privilege to take on the role of CEO at Shelf
Drilling and lead the company into the future. I am committed to building on the
strong foundation established by David Mullen and our outstanding leadership
team. Together, we will continue to drive operational excellence, innovation and
value for all our stakeholders. I look forward to collaborating with our
employees, customers, and investors as we navigate the opportunities and
challenges ahead, ensuring that Shelf Drilling retains and strengthens its
leading position in the industry."

David Mullen said "I extend my gratitude to our stakeholders for their support
since the company's inception in 2012. I am incredibly proud of the milestones
we have achieved together at Shelf Drilling and look forward to supporting the
business in my new role as Executive Chairman of the Board. In this new
capacity, I am committed to ensuring a successful transition and working with
the Board and Management to drive even greater success for our company."

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. 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 communications@shelfdrilling.com


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