SHELF DRILLING BOARD OF DIRECTORS APPROVES SHARE ISSUE AND GRANT OF RSUS

Dubai, July 9, 2025: Reference is made to the announcement by Shelf Drilling,
Ltd. ("Shelf Drilling" or the "Company", OSE: SHLF) on June 18, 2025 regarding
the annual general meeting of the Company ("AGM"), pursuant to which certain
changes were made to the Board of Directors and the remuneration of directors
was approved.

The Board of Directors has resolved that the restricted stock units ("RSUs")
held by the former members of the Board of Directors, Ernie Danner, David
Pittaway and Usama Trabulsi, will vest with immediate effect and, in order to
settle the RSUs, a total of 60,135 new common shares have been issued, each with
a par value of USD 0.01, being a pro rata amount in line with each individual's
period of service since the award of the RSUs. 

Following the share issue, the issued share capital of the Company will be USD
2,564,509.34, divided into 256,450,934 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 Board of Directors has further resolved to grant 125,923 RSUs to the
Chairman of the Board and 41,974 RSUs to each other member of the Board of
Directors elected at the AGM, under the Company's 2017 Long-Term Incentive Plan
as further described in the attached trade notifications. The RSUs shall vest on
the date of the first AGM following the date of grant and shall each be settled
in exchange for one common share in the Company against no consideration,
subject to the relevant Director's continued service with the 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 investor.relations@shelfdrilling.com 

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.