PRESS RELEASE

SHELF DRILLING REPORTS SECOND QUARTER 2025 RESULTS

Dubai, UAE, August 7, 2025 - Shelf Drilling, Ltd. ("Shelf Drilling", "SDL" and,
together with its subsidiaries, the "Company", OSE: SHLF) announces results for
the second quarter of 2025 ended June 30. The results highlights will be
presented by audio conference call on August 7, 2025 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 5, 2025 and on page 3 of this release.

Greg O'Brien, Chief Executive Officer, commented: "Shelf Drilling continued to
deliver strong operating and financial performance in the second quarter of 2025
generating EBITDA of $94 million, corresponding to a 39% margin, and we have
revised upwards our financial guidance range slightly for the full year 2025. We
also increased our cash position by $19 million and repaid $48 million of debt
during the first half of 2025.

Over the last two months, we have secured a series of new contracts and
extensions in the Middle East, India, Mediterranean, North Sea and Southeast
Asia improving visibility for 2025 and 2026, and we remain actively engaged with
customers on additional contracting opportunities in our core markets." 

O'Brien added: "While the uncertain macroeconomic environment has resulted in
near-term market volatility and we see near-term dayrate pressure, we remain
confident in the long-term fundamentals for the jack-up market. Shallow water
activity will continue to play a crucial role in meeting the world's expanding
energy needs. We remain focused on delivering safe and best-in-class services to
our customers and value for our shareholders."
 
 
Second Quarter Highlights and Subsequent Events
o	Q2 2025 adjusted revenues of $239.7 million.
o	Q2 2025 adjusted EBITDA of $94.0 million, representing an adjusted EBITDA
margin of 39%, including $21.0 million adjusted EBITDA from Shelf Drilling
(North Sea), Ltd. ("SDNS") and $73.0 million from the rest of the business.
o	Q2 2025 net income of $11.2 million.
o	Q2 2025 capital expenditures and deferred costs totaled $18.0 million. 
o	The Company's cash and cash equivalents balance at June 30, 2025 was $171.5
million.
o	Key rig updates include:
-	Five-year contract extension for the High Island V in Saudi Arabia until July
2030.
-	Three-year new contract for the J.T. Angel expected to commence in October
2025.
-	One-year contract extension for the Key Manhattan in Italy until November
2026.
-	One-year contract extension for the Rig 141 in Egypt until February 2027.
-	One well contract for the Shelf Drilling Fortress in the United Kingdom,
expected to commence in September 2025.
-	One well contract for the Shelf Drilling Enterprise in Vietnam, expected to
commence in September 2025.
-	Trident XII is intended to be divested for non-drilling purposes. 
o	Financial guidance for the full year 2025 has been revised and is included in
the "2025 Financial Guidance" section of the Q2 2025 results highlights
presentation on our website.
 
Second Quarter Results 
Adjusted revenues marginally decreased to $239.7 million in Q2 2025 compared to
the prior quarter, primarily due to contract completions for two rigs in India
and the United Kingdom. This was partially offset by a higher average dayrate
for one rig in Denmark and a full quarter of operations for one rig in Egypt
following its contract commencement in February 2025.

Effective utilization marginally decreased to 78% in Q2 2025 from 79% in Q1 2025
mainly due to two rigs in India and the United Kingdom that completed contracts
in late Q1 2025 and Q2 2025, respectively. This was partially offset by one rig
in Egypt following contract start-up in February 2025. Average dayrate increased
to $96.7 thousand in Q2 2025 from $94.2 thousand in Q1 2025, primarily due to a
higher dayrate for one rig in Denmark.

Total operating and maintenance expenses were relatively unchanged at $129.6
million in Q2 2025 compared to prior quarter. The marginal increase was
primarily due to higher operating costs for one rig in Norway that commenced
drilling operations in May 2025 and higher expenses for fleet spares, mostly
offset by lower costs for two rigs that were redeployed to West Africa in Q1
2025 and two rigs in India that completed their contracts in Q1 2025. 

General and administrative expenses decreased by $2.4 million in Q2 2025 to
$14.4 million as compared to $16.8 million in Q1 2025. The sequential decrease
was primarily due to a decrease in provision for credit losses and lower
compensation and benefits expenses.

Adjusted EBITDA for Q2 2025 was $94.0 million compared to $96.2 million for Q1
2025. The adjusted EBITDA margin of 39% for Q2 2025 marginally decreased as
compared to 40% in Q1 2025. The adjusted EBITDA for SDNS sequentially decreased
to $21.0 million from $28.0 million, primarily due to one rig in the United
Kingdom that completed its contract in late Q2 2025.

Capital expenditures and deferred costs increased to $18.0 million from $15.5
million in Q1 2025. The sequential increase was primarily due to higher spending
on fleet spares. This was partially offset by lower regulatory and capital
maintenance expenditures for three rigs in West Africa, Denmark and Qatar as
well as two rigs redeployed to West Africa in Q1 2025. 

Q2 2025 ending cash and cash equivalents balance was $171.5 million. The
decrease of $35.1 million from $206.6 million at the end of Q1 2025 was
primarily due to debt service payments in Q2 2025 ($47.5 million of principal
payments and $67.0 million of interest payments). This was partially offset by a
decrease in working capital in Q2 2025.

The Form 10-Q Equivalent, which includes the condensed consolidated financial
statements, and a corresponding slide presentation to address the results
highlights for Q2 2025 are available on the Company's website.

For further queries, please contact:
Douglas Stewart, Executive Vice President and Chief Financial Officer
Shelf Drilling, Ltd.
Tel.: +971 4567 3400
Email : douglas.stewart@shelfdrilling.com

Dial in Details for the Audio Conference call
Participants will receive	conference access information only when they register
for the conference via the link below: 

Online Registration:
https://register-conf.media-server.com/register/BI29efa59aa26c4cfda673b4af6a9c33
d2

Participants must register for the call using online registration. Upon
registering, each participant will be provided with call details.

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".

Special Note Regarding Forward-Looking Statements
Matters discussed in this announcement may constitute forward-looking
statements. Forward-looking statements are statements that are not historical
facts and may be identified by words such as "believe", "expect", "anticipate",
"strategy", "intends", "estimate", "will", "may", "continue", "should" and
similar expressions. The forward-looking statements in this release are based
upon various assumptions, many of which are based, in turn, upon further
assumptions. Although the Company believes that these assumptions were
reasonable when made, these assumptions are inherently subject to significant
known and unknown risks, uncertainties, contingencies and other important
factors which are difficult or impossible to predict and may be beyond its
control. Such risks, uncertainties, contingencies and other important factors
could cause actual events to differ materially from the expectations expressed
or implied in this release by such forward-looking statements. Given these
factors, users of this information should not place undue reliance on the
forward-looking statements.

Additional information about Shelf Drilling can be found at
www.shelfdrilling.com.

This information is subject to the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act.