PRESS RELEASE SHELF DRILLING ANNOUNCES CONTRACT UPDATE FOR HIGH ISLAND VII AND COMPACT DRILLERDubai ,January 18, 2021 -Shelf Drilling, Ltd. ("Shelf Drilling " or the "Company", OSE: SHLF) announced today that it has received a notification from customer on early termination of the contracts for the High Island VII and Compact Driller jack-up rigs. The contract end date for both rigs has been updated toAugust 2021 . The original contract end dates for the High Island VII and Compact Driller wereFebruary 2023 andJune 2022 , respectively. AboutShelf Drilling Shelf Drilling is a leading international shallow water offshore drilling contractor with rig operations acrossMiddle East ,Southeast Asia ,India ,West Africa and the Mediterranean.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". Additional information aboutShelf Drilling can be found at www.shelfdrilling.com. Contact details For questions or comments, please contact communications@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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