Shelf Drilling - Mandatory Notification of Trade by Close Associate of Primary Insider

Shelf Drilling - Mandatory Notification of Trade by Close Associate of Primary Insider Reference is made to the announcement by Shelf Drilling, Ltd. ("Shelf Drilling or the "Company") on 23 June 2022, where the successful completion of the private placements was announced. LR-Shelf Drilling International, L.P ("Lime Rock"), a large shareholder of the Company and a close associate of director of the Company, J. William Franklin, Jr., has entered into a share lending agreement with the Company and SpareBank 1 Markets AS ("SB1") on behalf of the managers in the private placements, whereby Lime Rock has, on this date, lent 11,156,568, shares in the Company to SB1 to facilitate timely delivery of listed shares in Shelf Drilling to the investors who are allocated shares in the Company in the private placement. The borrowed shares have, today, been redelivered to Lime Rock as unlisted newly issued common shares in Shelf Drilling. The redelivered shares can only be traded on the Oslo Stock Exchange pending approval by the Financial Supervisory Authority of Norway, and publication by the Shelf, of a listing prospectus. Please refer to the attached notification of trading for further details. For further information, please contact: investor.relations@shelfdrilling.com. This information is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act.