PRESS RELEASE

SHELF DRILLING REPORTS SECOND QUARTER 2024 RESULTS

Dubai, UAE, August 14, 2024 - Shelf Drilling, Ltd. ("Shelf Drilling", "SDL" and,
together with its subsidiaries, the "Company", OSE: SHLF) announces results for
the second quarter of 2024 ended June 30. The results highlights will be
presented by audio conference call on August 15, 2024 at 6:00 pm Dubai time /
4:00 pm Oslo time. Dial-in details for the call are included in the press
release posted on August 6, 2024 and on page 3 of this release.

David Mullen, Chief Executive Officer, commented: "Since the beginning of the
year, we have continued to deliver safe and efficient operations for our
customers with a year-to-date TRIR of 0.10 and uptime performance of 99.4%. Our
results in the second quarter of 2024 were impacted by lower utilization in
Saudi Arabia with the suspension of four of our rigs and the delayed start-up
for the Shelf Drilling Barsk, partially offset by our efforts to reduce
operating costs."

Mullen added: "Following the announcement of contract suspensions in early
April, we immediately initiated marketing efforts and commenced mobilization of
two rigs to West Africa shortly after, with both rigs expected to commence new
contracts before the end of 2024. We were disappointed with the delayed
regulatory approval for the Shelf Drilling Barsk in Norway, however, we are
confident that we will complete this process and commence the rig's contract in
the fourth quarter of 2024. The pending sale of the Baltic standard jack-up rig
is a significant positive for the company, representing a favorable asset value
and indirectly creating contract opportunities in that region for other rigs in
our fleet with near-term availability."

Mullen concluded: "As announced in February 2024, I will now step down as Chief
Executive Officer and move into my new role as Executive Chairman. I am excited
about what lies ahead for the company with Greg O'Brien as CEO, and I look
forward to continued success for Shelf Drilling."

Second Quarter Highlights
o Q2 2024 adjusted revenues of $230.8 million.
o Q2 2024 adjusted EBITDA of $71.5 million, representing an adjusted EBITDA
margin of 31%, including $(14.0) million adjusted EBITDA from Shelf Drilling
(North Sea), Ltd. ("SDNS") and $85.5 million from the rest of the business.
o Q2 2024 net loss attributable to controlling interest of $14.6 million.
o Q2 2024 capital expenditures and deferred costs totaled $38.0 million,
including $16.3 million at SDNS.
o The Company's cash and cash equivalents balance at June 30, 2024 was $138.3
million, including $37.2 million at SDNS. Cash and cash equivalents, excluding
SDNS, increased from $88.0 million at March 31, 2024 to $101.1 million at June
30, 2024.
o Contract backlog of $2.1 billion at June 30, 2024 across 33 contracted rigs
with weighted average dayrate of $88.6 thousand.
o In June 2024, the Company announced a delay in commencement of the contract
for the Shelf Drilling Barsk due to ongoing efforts to obtain regulatory
approvals in Norway. The contract is now expected to commence in Q4 2024.
o In June 2024, the Company secured a 15-month contract extension for the Shelf
Drilling Tenacious in direct continuation of its current contract in West
Africa.
o In July 2024, the Company secured a 17-month contract extension for the Shelf
Drilling Winner in direct continuation of its current contract in Denmark,
extending the firm commitment period for the rig to August 2026.
o In July 2024, a subsidiary of the Company executed an agreement for the sale
of the Baltic rig for $60.0 million. The transaction is expected to close in the
third quarter of 2024.
o The Main Pass IV and Shelf Drilling Achiever are currently being mobilized to
West Africa and are expected to commence new contracts in the fourth quarter of
2024.
o Financial guidance for the full year 2024 revised