PRESS RELEASE SHELF DRILLINGNORTH SEA - FIXED INCOME INVESTOR MEETINGSDubai ,April 22, 2024 :Shelf Drilling (North Sea ), Ltd. (the "Company" or "SDNS") has, through its subsidiaryShelf Drilling (North Sea )Holdings, Ltd. (the "Issuer"), mandatedDNB Markets as Sole Global Coordinator and Joint Bookrunner, as well asArctic Securities AS and Clarksons Securities AS as Joint Bookrunners, to arrange a series of fixed income investors meetings commencing today. A 4.5-year senior secured first lien bond issue ofUSD 300 million (the "Bonds") may follow, subject to inter alia prevailing market conditions. Net proceeds from the Bonds will be used to refinance the outstanding senior secured notes with maturity inOctober 2025 (the "Existing Notes"), fund the previously disclosed short-term liquidity requirement and transaction costs (including the call premium on the Existing Notes) and for general corporate purposes. Contract Update The Shelf Drilling Barsk is undergoing final contract preparations forEquinor , expected to commence operations inNorway inmid-May 2024 with a minimum estimated firm term untilDecember 2025 and additional option wells thereafter. The Shelf Drilling Perseverance has mobilized toSoutheast Asia and is undergoing preparations for a contract withPetroVietnam Domestic Exploration Production Operating Company Limited (PVEP POC), scheduled to start inVietnam inlate-July 2024 with an estimated firm term untilNovember 2025 and additional option wells thereafter. Additionally, the Company has secured a letter of award for theShelf Drilling Fortress for a campaign in theNorth Sea , scheduled to commence following the completion of its current contract in July orAugust 2024 . The Company expects to execute a contract for this campaign in the coming weeks. As ofMarch 31, 2024 ,Shelf Drilling North Sea's total backlog amounts to approximatelyUSD 311 million , adjusted to include the contract extension for the Shelf Drilling Barsk of approximatelyUSD 81 million announced onApril 10, 2024 . The total backlog does not include any amounts associated with the letter of award for the Shelf Drilling Fortress. Financing Update Consistent with the guidance provided on the Q4 2023 earnings call inMarch 2024 , the Company expects to have all 5 rigs in operation and generate annualized EBITDA of approximately$85m during the second half of 2024.Shelf Drilling, Ltd. ("Shelf Drilling ", OSE: SHLF), has agreed to provide the Company with a loan facility of up to$50m through one of its subsidiaries to cover the Company's short-term liquidity requirement (also disclosed on the Q4 2023 earnings call) until the contemplated bond issue is complete or an alternative financing form has been secured, with an initial$25m provided before the end of April. AboutShelf Drilling Shelf Drilling is a leading international shallow water offshore drilling contractor with rig operations acrossMiddle East ,Southeast Asia ,India ,West Africa , Mediterranean andNorth 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.Shelf Drilling is incorporated under the laws of theCayman Islands with corporate headquarters inDubai, United Arab Emirates , and is listed on theOslo Stock Exchange under the ticker "SHLF". AboutShelf Drilling North Sea Shelf Drilling North Sea is a shallow water offshore drilling contractor primarily operating in theNorth Sea . The company's fit-for-purpose strategy and fleet of modern high-specification harsh environment jack-up rigs enable it to offer a broad range of services in the shallow water drilling markets. SDNS is incorporated under the laws ofBermuda . SinceOctober 12, 2022 , SDNS shares are listed on the Euronext Growth Oslo Exchange under the ticker "SDNS". Contact Details For questions or comments please contact investor.relations@shelfdrilling.com. This information may be considered to be inside information pursuant to the EU Market Abuse Regulation (MAR) and may be subject to the disclosure requirements pursuant to MAR article 17 and Section 5-12 the Norwegian Securities Trading Act. Thisstock exchange announcement was published byPrerna Nandwani , Senior Manager - Corporate Communications, at the date and time as set out above.
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