Tuesday 22 December 2020

Shelf Drilling, Ltd. (“Shelf Drilling” or the “Company”, OSE: SHLF) announces that one of its subsidiaries (“Seller”) has entered into a definitive agreement with ADNOC Drilling, a subsidiary of the Abu Dhabi National Oil Company (ADNOC), to sell the Shelf Drilling Journey jack-up drilling rig for a total consideration of USD 77.6 million. Seller has been designated as an unrestricted subsidiary as defined in the applicable financing agreements of the Company’s subsidiaries. The transaction is subject to customary closing conditions, and the rig is expected to be delivered during the first quarter of 2021