PRESS RELEASE

SHELF DRILLING ANNOUNCES PRIVATE PLACEMENT OF US$80 MILLION OF SENIOR SECURED
NOTES
 
Dubai, February 20, 2020: Reference is made to the announcement by Shelf
Drilling, Ltd. (“Shelf Drilling” or “the Company”, OSE: SHLF) on January 14,
2020 regarding the contract award for its recently acquired high-specification
jack-up rig, the Shelf Drilling Enterprise (the “Rig”).

Shelf Drilling announced today that Shelf Drilling Holdings, Ltd. (“SDHL”), one
of the Company’s indirect, wholly owned subsidiaries, closed a private offering
of US$80 million aggregate principal amount of 8.750% senior secured notes due
2024 (the “Notes”). Shelf Drilling intends to use the net proceeds from the
Notes offering to replenish its liquidity following the acquisition of the Rig
and to finance the remaining reactivation and upgrade costs associated with the
deployment of the Rig in advance of the contract scheduled to commence in August
2020 in the Gulf of Thailand.  

The Notes have been issued at an issue price of 100% and will mature on November
15, 2024.  The Notes have been guaranteed by the Company and certain of its
indirect subsidiaries that guarantee SDHL’s existing indebtedness and are
secured by a second lien on substantially all of the assets that secure SDHL’s
revolving credit facility.

The Notes have not been and will not be registered under the U.S. Securities Act
of 1933 (the “Securities Act”), any state securities laws or the securities laws
of any other jurisdiction, and may not be offered or sold in the United States
absent registration or an applicable exemption from registration. There shall
not be any offer or sale of the Notes in any jurisdiction in which such offer,
solicitation or sale would be unlawful prior to registration or qualification
under the securities laws of such jurisdiction.

This press release does not constitute an offer to sell, or the solicitation of
an offer to buy, any security and shall not constitute an offer, solicitation or
sale in any jurisdiction in which such offer, solicitation or sale would be
unlawful.

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. Shelf
Drilling is incorporated under the laws of the Cayman Islands with corporate
headquarters in Dubai, United Arab Emirates. Shelf Drilling is listed on the
Oslo Stock Exchange under the ticker "SHLF".

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.