Shelf Drilling : Investor Presentation (January 2023)

Shelf Drilling Presentation

Fearnley Securities - Offshore Drilling Seminar

Investor Presentation

January 2023

Disclaimer

This presentation (the "Presentation") has been prepared by Shelf Drilling, Ltd. ("Shelf Drilling" or the "Company") exclusively for information purposes only and may not be reproduced or redistributed, in whole or in part, to any other person.

The Presentation is being made only to, and is only directed at, persons to whom such presentation may lawfully be communicated ('relevant persons'). Any person who is not a relevant person should not act or rely on the Presentation or any of its contents.

The Presentation does not constitute an offering of securities or otherwise constitute an invitation or inducement to any person to underwrite, subscribe for or otherwise acquire securities in the Company. The release, publication or distribution of the Presentation in certain jurisdictions may be restricted by law, and therefore persons in such jurisdictions into which this Presentation is released, published or distributed should inform themselves about, and observe, such restrictions.

The Presentation contains certain forward-looking statements relating to the business, financial performance and results of the Company and/or the industry in which it operates. Forward-looking statements concern future circumstances and results and other statements that are not historical facts, sometimes identified by the words "believes", expects", "predicts", "intends", "projects", "plans", "estimates", "aims", "foresees", "anticipates", "targets", and similar expressions. The forward-looking statements contained in the Presentation, including assumptions, opinions and views of the Company or cited from third party sources are solely opinions and forecasts which are subject to risks, uncertainties and other factors that may cause actual events to differ materially from any anticipated development. None of the Company or any of its shareholders or subsidiary undertakings or any such person's officers or employees provides any assurance that the assumptions underlying such forward-looking statements are free from errors nor does any of them accept any responsibility for the future accuracy of the opinions expressed in the Presentation or the actual occurrence of the forecasted developments. The Company assumes no obligation, except as required by law, to update any forward-looking statements or to conform these forward-looking statements to its actual results.

The Company uses certain financial information calculated on a basis other than in accordance with accounting principles generally accepted in the United States ("GAAP"), including EBITDA, Adjusted EBITDA and Adjusted EBITDA margin, as supplemental financial measures in this presentation. These non-GAAP financial measures are provided as additional insight into the Company's ongoing financial performance and to enhance the user's overall understanding of the Company's financial results and the potential impact of any corporate development activities.

The Presentation contains information obtained from third parties. You are advised that such third-party information has not been prepared specifically for inclusion in the Presentation and the Company has not undertaken any independent investigation to confirm the accuracy or completeness of such information.

This Presentation is intended to present background information on the Company and its business, but is not intended, nor shall be construed, to provide a complete disclosure upon which an investment decision could be made. Should the Company choose to pursue an offering of securities in Norway or elsewhere, any decision to invest in such securities must be made on the basis of information contained in the relevant offering material in connection therewith.

An investment in the Company involves risk, and several factors could cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements that may be expressed or implied by statements and information in the Presentation, including, among others, the risk factors described in the Company's prospectus dated 05 August 2022 and Form 10-k equivalent for the period ended 31 December 2021. Should any risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in the Presentation. An investment in the Company is only suitable for investors who understand the risk factors associated with this type of investment and who can afford to a loss of all or part of their investment.

No representation or warranty (express or implied) is made as to, and no reliance should be placed on, any information, including projections, estimates, targets and opinions, contained herein, and no liability whatsoever is accepted as to any errors, omissions or misstatements contained herein, and, accordingly, none of the Company or any of its shareholders or subsidiary undertakings or any such person's officers or employees accepts any liability whatsoever arising directly or indirectly from the use of the Presentation.

By attending or receiving the Presentation you acknowledge that you will be solely responsible for your own assessment of the market and the market position of the Company and that you will conduct your own analysis and be solely responsible for forming your own view of the potential future performance of the Company's business.

The Presentation speaks as of 10 January 2023. Neither the delivery of this Presentation nor any further discussions of the Company with any of the recipients shall, under any circumstances, create any implication that there has been no change in the affairs of the Company since such date.

Jan 2023 | 2

Shelf Drilling is Market Leader in Core Jack-up Regions

Company Overview

Operating with scale in the most attractive shallow water markets1

Largest international "pure-play"jack-up drilling company with 36 ILC jack-up rigs

Fit-for-purpose operations with sole focus on shallow water

Headquarters centrally located in Dubai

Top tier safety and operational performance

Industry leading low-cost structure

	Purchase of 5 rigs		Current Fleet (36 Rigs)
	in the North Sea2
#3		MENAM	13 Rigs
			India	9 Rigs
	Added SD Victory	SE Asia	4 Rigs
	West Africa	6 Rigs
	in July 2022
			North Sea	4 Rigs
	#2	#1
#1			#3

Robust full cycle financial results

Strategy underpins our commitment to sustainability

Note (1): Number (#) represents Shelf Drilling's operating position - based on number of active jack-up drilling rigs excluding those of state-owned companies, source: IHS Petrodata as of 10 October 2022.

Note (2): Houston Colbert / SD Odyssey recently mobilized to the Middle East

Jan 2023 | 3

Our Operating Platform Creates Differentiation

Average Fleet Uptime Track Record

100%		98.9%	98.5%	98.6%	98.7%	98.8%	98.7%	99.2%	99.4%	99.3%	99.3%
98%
96%
94%
92%
90%
	2013	2014	2015	2016	2017	2018	2019	2020	2021	2022YTD

Safety Track Record (TRIR1)

1.0			Shelf Drilling		Global IADC Average
	0.81
	0.75
0.8					0.68				0.67
		0.6			0.63
				0.54			0.57
0.6	0.69			0.46
					0.47
0.4	0.48
0.2			0.22	0.25	0.25	0.23	0.19	0.19
			0.16	0.16
0.0
2013	2014	2015	2016	2017	2018	2019	2020	2021	2022

Note (1): Total recordable incident rate (incidents per 200,000 man-hours)

Note (2): For offshore employees, as of 31 December 2021. Excludes rigs working in Italy

Source: International Association of Drilling Contractors (IADC) data as of 30 September 2022 and Shelf Drilling data as of 31 December 2022

Operational excellence made possible

through

1. High national content - 88%2 across fleet
2. Centralized organization and oversight
3. Fit-for-purposeprocesses and systems
4. Lean and flat management structure

Jan 2023 | 4

Strategic Evolution and Transformation of Jack-up Fleet

Total Standard: 22

2012	Standard	Today
30	22
	36

Total Premium: 14

Existing Premium

8

SD Victory

Purchase

1

New North Sea

"Right Assets in Right

Locations"

Active Rigs

Standard

30

Total Rigs

Premium

4

Noble Lloyd

Noble

1

New rigs

Blend of premium & standard jack-ups provides ideal match to customer requirements

97% Contracted Utilization Across 36 Jack-ups1

13 x Premium

92% Utilization

Demonstrated ability to invest and deploy

• Existing premium rig fleet: 8

• Purchase of SD Victory: 1

• Acquisition of F&G jack-ups from Noble2: 4

22 x Standard

100% Utilization

Cost efficient and well suited for brownfield activity

• Middle East, Med. & West Africa: 11

• India & Egypt: 11

Lloyd Noble / SD Barsk

World's Largest Jack-up Rig

Uniquely suited for Norwegian operating environment

• Size enables deeper water depths and deeper well drilling than other rigs

Note (1): As of 10 January 2023, includes recent contract awards for Shelf Drilling Victory and Harvey H Ward in the Middle East and Trident VIII in West Africa.

Jan 2023 | 5