PRESS RELEASE

SHELF DRILLING CANCELLATION OF SHARES

Dubai, October 2, 2019: Reference is made to the stock exchange announcement
dated September 2, 2019 regarding the share repurchase program initiated by
Shelf Drilling, Ltd. (“Shelf Drilling" or the "Company", OSE: SHLF).

Today, 285,231 shares repurchased by the Company pursuant to the share
repurchase program during the period September 2 to September 30, 2019 have been
cancelled. Following the cancellation, the issued share capital of the Company
is USD 1,377,243.93, divided into 137,724,393 common shares, each with a par
value of USD 0.01. The authorised share capital of the Company is USD
1,440,634.73, divided into 144,063,473 shares, each with a par value of USD
0.01.

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. 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.