Shelf Drilling Change in LTIP and Primary Insiders Notification

PRESS RELEASE SHELF DRILLING CHANGE IN LTIP AND PRIMARY INSIDERS NOTIFICATION Dubai, 27 October 2022: Reference is made to the announcement by Shelf Drilling, Ltd. ("Shelf Drilling" or the "Company", OSE: SHLF) on 28 October 2021 regarding the grant of restricted stock units ("RSUs") to members of the Company's board of directors (the "Board"). John K. Castle and David Pittaway, John Reynolds and J. William Franklin, Jr., and Dongyang Lou (each a "Sponsor Director") represent the shareholders in the Company Castle Harlan, Lime Rock and China Merchants, respectively (together referred to as the "Sponsors"). Each Sponsor Director was on 14 November 2021 granted 77,543 RSUs. The Board has resolved that the RSUs granted to the Sponsor Directors shall be cancelled and reissued to the Sponsor that such Sponsor Director represents. The terms of the RSUs are unchanged, i.e. with vesting on 14 November 2022, one common share in the Company being issued per RSU without any consideration payable by the RSU holder and vesting being conditional upon continued service by the relevant Sponsor Director. Please see the attached forms of notification and public disclosure by the respective primary insiders. 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". Additional information about Shelf Drilling can be found at www.shelfdrilling.com. Contact details For questions or comments, please contact investor.relations@shelfdrilling.com This information is subject to the disclosure requirements in article 19 of Regulation EU 596/2014 (the EU Market Abuse Regulation) and section 5-12 of the Norwegian Securities Trading Act.