SHELF DRILLING, LTD. PRESS RELEASE SHELF DRILLING SECURES CONTRACT EXTENSION WITH EQUINOR INNORWAY Dubai ,April 10, 2024 -Shelf Drilling, Ltd. ("Shelf Drilling " or the "Company", OSE: SHLF) announced today that a subsidiary ofShelf Drilling (North Sea ), Ltd. ("Shelf Drilling North Sea " or "SDNS") has secured a contract extension for the Shelf Drilling Barsk jack-up rig withEquinor for operations at the Gudrun field located in the Norwegian Continental Shelf. The firm term of the extension is two wells with an estimated duration of 254 days in total. The contract extension also includes options for three wells at Gudrun. With reference to the press release onApril 28, 2023 , the Shelf Drilling Barsk rig is scheduled to commence operations withEquinor at the Sleipner Vest field inMay 2024 with an initial scope of two wells and an estimated duration of 270 days, with options for two wells. In conjunction with today's extension,Equinor has also exercised the first option well at Sleipner Vest with an estimated minimum duration of 83 days. The contract value of the additional firm period excluding certain integrated services is approximatelyUSD 81 million .David Mullen , Chief Executive Officer,Shelf Drilling , said: "We are pleased to strengthen our collaboration withEquinor with this important contract extension. We see this as a reflection ofEquinor's confidence inShelf Drilling to deliver these challenging wells on both Sleipner Vest and Gudrun. We remain on track to commence our contract inMay 2024 and are fully committed to providing safe and efficient operations toEquinor ." 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. The Company is incorporated under the laws of theCayman Islands with corporate headquarters inDubai, United Arab Emirates . The Company 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". Additional information aboutShelf 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 pursuant to section 5-12 of the Norwegian Securities Trading Act.
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