PRESS RELEASE SHELF DRILLING NORTH SEA SATISFIES REDEMPTION CONDITIONS & COMPLETES REFINANCINGDubai ,May 22, 2024 : Reference is made to the announcement byShelf Drilling (North Sea ), Ltd. (the "Company" or "SDNS") published onApril 26, 2024 regarding the successful placement of new 4.5-years senior secured first lien bonds through its subsidiaryShelf Drilling (North Sea )Holdings, Ltd. (the "New Bonds"), and the conditional voluntary redemption notice in relation to the outstanding senior secured notes maturing inOctober 2025 (the "Existing Notes"). The Company is pleased to announce that the settlement date for the New Bonds occurred today and that the conditions set out in the redemption notice have been satisfied. The Existing Notes have been fully redeemed as ofMay 22, 2024 . An application will be made for the New Bonds to be listed on the Alternative Bond Market of theOslo Stock Exchange . AboutShelf Drilling Shelf Drilling, Ltd. 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.
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