PRESS RELEASE SHELF DRILLING ANNOUNCES TERMINATION OF BAREBOAT CHARTER AGREEMENTS FOR TWO JACK-UP RIGSDubai ,14 September 2020 : Reference is made to the announcement byShelf Drilling, Ltd. ("Shelf Drilling " or the "Company", OSE ticker code "SHLF", and together with its direct and indirect subsidiaries the "Group") on21 February 2019 regarding the entering into of agreements with an affiliate (see Footnote 1) of China Merchants &Great Wall Ocean Strategy & Technology Fund ("CM" or "China Merchants") for bareboat charter of, and the option to buy, two CJ-46 jack-up rigs (the "BBC Arrangement"). The Company has entered into an agreement with CM to terminate theBBC Arrangement. The termination shall be effective upon the settlement of a total charter payment ofUSD 4 million , payable by the Company inSeptember 2020 . 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. This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act. ______________________________________________________________________________ Footnote 1:Wealthy Marvel Enterprises Limited (a joint venture betweenCM andTSC Group Holdings Limited (a company controlled by CM))
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