PRESS RELEASE

SHELF DRILLING NORTH SEA SATISFIES REDEMPTION CONDITIONS & COMPLETES REFINANCING

Dubai, May 22, 2024: Reference is made to the announcement by Shelf Drilling
(North Sea), Ltd. (the "Company" or "SDNS") published on April 26, 2024
regarding the successful placement of new 4.5-years senior secured first lien
bonds through its subsidiary Shelf Drilling (North Sea) Holdings, Ltd. (the "New
Bonds"), and the conditional voluntary redemption notice in relation to the
outstanding senior secured notes maturing in October 2025 (the "Existing
Notes"). The Company is pleased to announce that the settlement date for the New
Bonds occurred today and that the conditions set out in the redemption notice
have been satisfied. The Existing Notes have been fully redeemed as of May 22,
2024. An application will be made for the New Bonds to be listed on the
Alternative Bond Market of the Oslo Stock Exchange.

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

About Shelf Drilling North Sea 
Shelf Drilling North Sea is a shallow water offshore drilling contractor
primarily operating in the North Sea. The Company's fit-for-purpose strategy and
fleet of modern high-specification harsh environment jack-up rigs enable it to
offer a broad range of services in the shallow water drilling markets. SDNS is
incorporated under the laws of Bermuda. Since October 12, 2022, SDNS shares are
listed on the Euronext Growth Oslo Exchange under the ticker "SDNS".

Contact Details
For questions or comments please contact investor.relations@shelfdrilling.com.