PRESS RELEASE

SHELF DRILLING ANNOUNCES FIVE-YEAR CONTRACT EXTENSION FOR THE HIGH ISLAND V 

Dubai, June 30, 2025 - Shelf Drilling, Ltd. ("Shelf Drilling" or the "Company",
OSE: SHLF) announced today that it has secured a five-year extension for the
High Island V jack-up rig. The extension is in direct continuation of the rig's
current contract with the same customer, extending the commitment until July
2030. The total added contract value is approximately USD 133 million.

Greg O'Brien, CEO, commented: "We are very pleased to announce this five-year
extension of the contract for the High Island V. The contract extension reflects
our client's recognition of the High Island V team's outstanding safety and
operational track record over more than 10 years. We are proud of this
performance and remain committed to delivering safe and reliable operations for
our customer. The Middle East continues to represent an important part of our
business, and we look forward to maintaining a long-term presence in the
region."

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.


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