PRESS RELEASE

SHELF DRILLING REPORTS THIRD QUARTER 2024 RESULTS

Dubai, UAE, November 13, 2024 - Shelf Drilling, Ltd. ("Shelf Drilling", "SDL"
and, together with its subsidiaries, the "Company", OSE: SHLF) announces results
for the third quarter of 2024 ended September 30. The results highlights will be
presented by audio conference call on November 14, 2024 at 6:00 pm Dubai time /
3:00 pm Oslo time. Dial-in details for the call are included in the press
release posted on November 6, 2024 and on page 3 of this release.

Greg O'Brien, Chief Executive Officer, commented: "During the third quarter of
2024, our Adjusted EBITDA increased to $114 million, primarily due to the
acceleration of mobilization revenue for two suspended rigs in Saudi Arabia. As
anticipated, we were impacted by a lower level of utilization with a few rigs
preparing for new contracts."

O'Brien added: "Since the end of the second quarter, we have achieved several
important milestones. We secured firm contract awards totaling $558 million
across West Africa, Southeast Asia and the North Sea, which included a
multi-year contract which commenced in late October 2024 for one rig redeployed
from Saudi Arabia to West Africa, where we see additional attractive
opportunities for our rigs. We received regulatory approval for the Shelf
Drilling Barsk to return to operations and commence its long-term contract in
Norway as well as closed the sale of the Baltic. Lastly, in October, we
successfully completed the acquisition of Shelf Drilling North Sea, which
simplifies our capital structure, improves our cash flow profile and
significantly enhances our fleet composition on a fully consolidated basis.
While the rig suspensions in Saudi Arabia have created some short-term
challenges and uncertainty, we are confident that our strong customer
relationships, proven operating track record and leading position in key markets
will allow us to capitalize on the right long-term opportunities in our sector."

Third Quarter Highlights and Subsequent Events
o Q3 2024 adjusted revenues of $264.7 million, including $45.2 million for the
acceleration of mobilization revenue on two suspended rigs in Saudi Arabia
related to future years.
o Q3 2024 adjusted EBITDA of $114.2 million, representing an adjusted EBITDA
margin of 43%, including $(4.9) million adjusted EBITDA from Shelf Drilling
(North Sea), Ltd. ("SDNS") and $119.1 million from the rest of the business.
o Q3 2024 net income attributable to controlling interest of $67.5 million. 
o Q3 2024 capital	expenditures and deferred costs totaled $34.9 million,
including $9.2 million at SDNS. 
o The Company's cash and cash equivalents balance at September 30, 2024 was
$220.1 million, including $26.6 million at SDNS. 
o In September 2024, the Company sold the Baltic rig for total net proceeds of
$56.5 million.
o In September 2024, the Company secured a contract for the Shelf Drilling
Mentor covering 10 wells and an estimated duration of 450 days in direct
continuation of its current contract in Nigeria.
o In October 2024, the Company obtained the regulatory approvals for the Shelf
Drilling Barsk rig in Norway, and the contract is expected to commence in
November 2024. 
o In October 2024, the Company acquired the remaining 40% shares in SDNS by
issuing 42.0 million shares of SDL stock and cash of $30.1 million to previous
SDNS shareholders. SDNS has become a wholly owned subsidiary of SDL upon
completion of the transaction. Total SDL issued and outstanding common shares at
the completion of transaction are 255.7 million.
o In October 2024, a $50.0 million settlement and release agreement was signed
with the insurance underwriters declaring the Trident VIII rig a total loss.
o Subsequent to September 30, 2024, the Company secured the following new
contract awards and extensions:
- Three-year contract, with a two-year option for the Shelf Drilling Achiever
which commenced in late October 2024.
- Two-year contract extension, with a one-year option for the Adriatic I rig
expected to commence in February 2025.
- Two-year contract extensions commencing in H2 2025 in Thailand for the Shelf
Drilling Chaophraya and the Shelf Drilling Krathong, in direct continuation of
their current contracts. 
o Financial guidance for the full year 2024 revised