SHELF DRILLING LTD (SHLF.OL)

TekBot · oktober 26, 2023, 2:24pm

Shelf Drilling Announces Completion of Refinancing Transactions

NOT FOR PUBLICATION, DISTRIBUTION OR CIRCULATION IN THE UNITED STATES

PRESS RELEASE
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SHELF DRILLING ANNOUNCES COMPLETION OF REFINANCING TRANSACTIONS

October 26, 2023 – Shelf Drilling Holdings, Ltd. (the “Issuer”), a wholly owned subsidiary of Shelf Drilling, Ltd. (“Shelf Drilling”, OSE: SHLF), announces that it has successfully completed its refinancing transactions consisting of (i) an offering of $1,095,000,000 in aggregate principal amount of 9⅝% Senior Secured Notes due 2029 (the “Notes”), (ii) tender offers for cash (the “Tender Offers”) of any and all of its outstanding 8.875% Senior Secured First Lien Notes due 2024 (the “2024 Notes”) and 8.250% Senior Notes due 2025 (together with the 2024 Notes, the “Existing Notes”) including the subsequent cancellation of the Existing Notes tendered up to the early tender date (the “Early Tender Date”), with no Existing Notes tendered after the Early Tender Date and on or before the expiration date, (iii) the redemption and cancellation of all Existing Notes not tendered in the Tender Offers, and (iv) entering into a $125 million senior secured revolving credit facility and a $50 million term loan facility. In addition, Shelf Drilling completed a private placement of 19.4 million common shares raising gross proceeds of approximately NOK 640 million.

Application will be made to list the Notes on the Official List of The International Stock Exchange.

David Mullen, Chief Executive Officer, Shelf Drilling, said:
“We are pleased to announce the successful completion of our multi-faceted refinancing transaction, which significantly enhances our balance sheet and liquidity position. We thank all stakeholders for the continued support and trust in Shelf Drilling. This transaction provides us with runway and flexibility to capitalize on the strong tailwinds in the jack-up market. Following the improvement in the second quarter of 2023, we remain focused on driving further growth in earnings and cash flow in the second half of 2023 and believe we’re now very well-positioned to execute our business plan and create long-term value for shareholders.”

Contact Details
For questions or comments, please contact investor.relations@shelfdrilling.com.

Cautionary Statement
The Notes and the guarantees thereof will not be registered under the United States Securities Act of 1933, as amended (the “Securities Act”), or applicable state securities laws. Accordingly, the Notes were offered only to qualified institutional buyers and to non-U.S. persons outside the United States (“U.S.”) in reliance on Rule 144A and Regulation S under the Securities Act, respectively. Unless so registered, the Notes may not be offered or sold in the United States or for the account or benefit of any U.S. person or in any way distributed in the United States except pursuant to an exemption from the registration requirements of the Securities Act and applicable state securities laws.

This announcement is for informational purposes only and does not constitute an offer to sell or a solicitation of an offer to buy the Notes or any other security and shall not constitute an offer, solicitation or sale in the United States or in any jurisdiction in which, or to any persons to whom, such offering, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any jurisdiction.
This announcement is not being made in and copies of it may not be distributed or sent into any jurisdiction in which, or to any persons to whom, such offering, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction

This announcement does not constitute and shall not, in any circumstances, constitute an invitation to the public in connection with any offer or constitute any offer to the public, each within the meaning of Regulation (EU) 2017/1129 (“Prospectus Regulation”). In member states of the European Economic Area (“EEA”), this announcement and any offer of the securities were made pursuant to an exemption under the Prospectus Regulation from the requirement to publish a prospectus for offers of the securities referred to herein.

The securities are not intended to be offered, sold or otherwise made available to and should not be offered, sold or otherwise made available to any retail investor in the EEA. For these purposes, a retail investor means a person who is one (or more) of: (i) a retail client as defined in point (11) of Article 4(1) of Directive 2014/65/EU (as amended, “MiFID II”); (ii) a customer within the meaning of Directive 2016/97 (the “Insurance Distribution Directive”), where that customer would not qualify as a professional client as defined in point (10) of Article 4(1) of MiFID II; or (iii) not a “qualified investor” as defined in the Prospectus Regulation. Consequently, no key information document required by Regulation (EU) No 1286/2014 (as amended, the “PRIIPs Regulation”) for offering or selling the securities or otherwise making them available to retail investors in the EEA has been prepared and therefore offering or selling the securities or otherwise making them available to any retail investor in the EEA may be unlawful under the PRIIPS Regulation.

The securities are not intended to be offered, sold or otherwise made available to and should not be offered, sold or otherwise made available to any retail investor in the United Kingdom (“UK”). For these purposes, a retail investor means a person who is one (or more) of: (i) a retail client, as defined in point (8) of Article 2 of Regulation (EU) No 2017/565 as it forms part of domestic law by virtue of the European Union (Withdrawal) Act 2018 (“EUWA”); (ii) a customer within the meaning of the provisions of the FSMA and any rules or regulations made under the FSMA to implement Directive (EU) 2016/97, where that customer would not qualify as a professional client, as defined in point (8) of Article 2(1) of Regulation (EU) No 600/2014 as it forms part of domestic law by virtue of the EUWA; or (iii) not a “qualified investor” as defined in Article 2 of Regulation (EU) 2017/1129 as it forms part of domestic law by virtue of the EUWA (“UK Prospectus Regulation”), and the expression an offer includes the communication in any form and by any means of sufficient information on the terms of the offer and the securities to be offered so as to enable an investor to decide to purchase or subscribe for the securities. Consequently no key information document required by Regulation (EU) No 1286/2014 as it forms part of domestic law by virtue of the EUWA (as amended, the “UK PRIIPs Regulation”) for offering or selling the Notes or otherwise making them available to retail investors in the UK has been prepared and therefore offering or selling the Notes or otherwise making them available to any retail investor in the UK may be unlawful under the UK PRIIPs Regulation.

In the UK, this announcement and any offer of the securities referred to herein in the UK were made pursuant to an exemption under the UK Prospectus Regulation from the requirement to publish a prospectus for offers of the securities referred to herein. Accordingly, any person making or intending to make an offer in the UK of Notes which are the subject of the offering contemplated may only do so in circumstances in which no obligation arises for the Issuer or any of the initial purchasers to publish a prospectus pursuant to Article 3 of the UK Prospectus Regulation, in each case, in relation to such offer. Neither the Issuer nor the initial purchasers have authorized, nor do they authorize, the making of any offer of Notes in circumstances in which an obligation arises for the Issuer or the initial purchasers to publish a prospectus for such offer. The expression “UK Prospectus Regulation” means Regulation (EU) 2017/1129 as it forms part of domestic law by virtue of the EUWA.

This communication is being distributed only to, and is only directed at persons who (i) have professional experience in matters relating to investments falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005, as amended (the “Financial Promotion Order”) (ii) are persons falling within Article 49(2)(a) to (d) (high net worth companies, unincorporated associations, etc.) of the Financial Promotion Order, (iii) are outside the United Kingdom or (iv) are persons to whom an invitation or inducement to engage in investment activity (within the meaning of section 21 of the Financial Services and Markets Act 2000 in connection with the issue and sale of any securities may otherwise lawfully be communicated or caused to be communicated (all such persons together being referred to as “relevant persons”). This announcement is directed only at relevant persons and must not be acted on or relied on by persons who are not relevant persons. Any investment or investment activity to which this announcement relates is available only to relevant persons and will
be engaged in only with relevant persons.

Neither the content of the Issuer’s website nor any website accessible by hyperlinks on the Issuer 's website is incorporated in, or forms part of, this announcement. The distribution of this announcement into certain jurisdictions may be restricted by law. Persons into whose possession this announcement comes should inform themselves about and observe any such restrictions. Any failure to comply with these restrictions may constitute a violation of the securities laws of any such jurisdiction.

This announcement may include certain “forward-looking” statements within the meaning of applicable securities laws. Forward-looking statements include all statements that are not historical facts and can be identified by the use of forward-looking terminology such as the words “believes,” “expects,” “may,” “will,” “would,” “should,” “seeks,” “pro forma,” “anticipates,” “intends,” “plans,” “estimates,” or the negative of any thereof or other variations thereof or comparable terminology, or by discussions of strategy or intentions. These statements are not guarantees of future actions or performance and involve risks, uncertainties and assumptions as to future events that may not prove to be accurate. Actual actions or results may differ materially from what is expressed or forecasted in these forward-looking statements. As a result, these statements speak only as of the date they were made and the Issuer undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Many important factors could cause the Issuer’s results to differ materially from those expressed in these forward-looking statements.

The forward-looking statements and information contained in this announcement speak only as of the date hereof and the Issuer undertakes no obligation to publicly update or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.

This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.

Kilde

TekBot · november 1, 2023, 1:06pm

Shelf Drilling Q3 2023 Earnings Release Information

PRESS RELEASE

SHELF DRILLING Q3 2023 EARNINGS RELEASE INFORMATION
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Dubai, November 1, 2023 – Shelf Drilling, Ltd. (“Shelf Drilling”, OSE: SHLF) and Shelf Drilling (North Sea), Ltd. (“Shelf Drilling North Sea”, Euronext Growth Oslo Exchange: SDNS) will report earnings for the third quarter of 2023 on Thursday, November 9, 2023.

An audio conference call will be held to discuss the results.
• Date: Thursday, November 9, 2023
• Time: 18:00 Gulf Standard Time (GST), 15:00 Central European Time (CET), 14:00 Greenwich Mean Time (GMT), 09:00 Eastern Standard Time (EDT)

A corresponding slide presentation will be posted on the Shelf Drilling website before the call. The conference call will be recorded and posted onto the company website within three working days of the conference call.

Online Registration: Conference Registration

Participants must register for the call using online registration. Upon registering, each participant will be provided with call details and a passcode.

About Shelf Drilling
Shelf Drilling is a leading international shallow water offshore drilling contractor with rig operations across Middle East, Southeast Asia, India, West Africa, Mediterranean and North 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. The Company is incorporated under the laws of the Cayman Islands with corporate headquarters in Dubai, United Arab Emirates. The Company is listed on the Oslo Stock Exchange under the ticker “SHLF”.

About Shelf Drilling North Sea
Shelf Drilling North Sea is a shallow water offshore drilling contractor primarily operating in the North 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 of Bermuda. Since October 12, 2022, SDNS shares are listed on the Euronext Growth Oslo Exchange under the ticker “SDNS”.

Additional information about Shelf Drilling can be found at www.shelfdrilling.com.

Contact details
For questions or comments, please contact investor.relations@shelfdrilling.com.

This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.

Kilde

TekBot · november 8, 2023, 4:49pm

Shelf Drilling Board of Directors Approves Share Issue and Grant of RSUs

PRESS RELEASE
SHELF DRILLING BOARD OF DIRECTORS APPROVES SHARE ISSUE AND GRANT OF RSUS

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Dubai, November 8, 2023: Reference is made to the announcement by Shelf Drilling, Ltd. (“Shelf Drilling” or the “Company”, OSE: SHLF) on October 27, 2022 regarding the grant of 95,092 restricted stock units (“RSUs”) to the Chairman of the Board of Directors and 31,697 RSUs to each of the other Non-Executive Directors of the Company under the Company’s 2017 Long-Term Incentive Plan.

The RSUs will vest on November 14, 2023, subject to each director’s continued service with the Company. In order to settle the RSUs, the Company’s board of directors has resolved to issue a total of 285,274 new common shares, each with a par value of USD 0.01. The share issue is conditional upon the vesting of the RSUs on November 14, 2023.

Following the share issue, the issued share capital of the Company will be USD 2,136,909.17, divided into 213,690,917 common shares, each with a par value of USD 0.01. The authorised share capital of the Company is USD 2,340,634.73, divided into 234,063,473 shares, each with a par value of USD 0.01.

For Mr. Danner’s continued service as chairman, the board of directors has approved, with effect from November 14, 2023, an annual equity award targeted at USD 150,000 in the form of 51,923 RSUs. The RSUs shall vest on the first anniversary from the date of grant and shall each be settled in exchange for one common share in the Company against no consideration, subject to Mr. Danner’s continued service with the Company.

For the other non-executive directors’ continued service as directors, the board of directors has approved, with effect from November 14, 2023, an annual equity award to each of the directors listed below or, if applicable, the sponsor firm that such director represents, targeted at USD 50,000 in the form of 17,308 RSUs based on the 30-day trailing volume weighted average share price ending November 7, 2023. The RSUs shall vest on the first anniversary from the date of grant and shall each be settled in exchange for one common share in the Company against no consideration, subject to the relevant director’s continued service with the Company.

17,308 RSUs (121,156 RSUs in total) are granted to each of the following or, if applicable, the sponsor firm that such director represents:

John K. Castle, Director;

David B. Pittaway, Director;

John Reynolds, Director;

Benjamin Sebel, Director;

Usama Trabulsi, Director;

David Williams, Director; and

Mei Xianzhi, Director.

About Shelf Drilling
Shelf Drilling is a leading international shallow water offshore drilling contractor with rig operations across Middle East, Southeast Asia, India, West Africa, Mediterranean and North 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. The Company is incorporated under the laws of the Cayman Islands with corporate headquarters in Dubai, United Arab Emirates. The Company is listed on the Oslo Stock Exchange under the ticker “SHLF”.

Additional information about Shelf Drilling can be found at www.shelfdrilling.com.

Contact details
For questions or comments, please contact investor.relations@shelfdrilling.com

This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.

Kilde

TekBot · november 9, 2023, 5:41am

Shelf Drilling Fleet Status Report Updated November 2023

TekBot · november 9, 2023, 5:41am

Shelf Drilling Reports Third Quarter 2023 Results

PRESS RELEASE

SHELF DRILLING REPORTS THIRD QUARTER 2023 RESULTS
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Dubai, UAE, November 9, 2023 – Shelf Drilling, Ltd. (“Shelf Drilling” and, together with its subsidiaries, the “Company”, OSE: SHLF) announces results for the third quarter of 2023 ending September 30. The results highlights will be presented by audio conference call on November 9, 2023 at 6:00 pm Dubai time / 3:00 pm Oslo time. Dial-in details for the call are included in the press release posted on November 1, 2023 and on page 3 of this release.

David Mullen, Chief Executive Officer, commented: “We continued to deliver strong performance across all facets of the business over the past quarter. With the benefit of new contract commencements and improving dayrates, our EBITDA improved to $115 million in the third quarter of 2023, and we remain on track to deliver financial results for 2023 within the guidance range communicated at the beginning of this year.”

Mullen added: “In October 2023, we successfully concluded a major refinancing transaction, which will enhance our balance sheet and liquidity position, as well as provide additional flexibility to capitalize on the strong tailwinds in the global jack-up market. The outlook for our industry remains very constructive with the backdrop of robust oil and gas prices and shortage of rig capacity. As of September 30, 2023, our backlog was $2.5 billion across 34 contracted rigs. We remain focused on delivering best-in-class operations to our customers and generating significant free cash flow into 2024 and beyond. We are very well positioned to create long-term value for all our stakeholders.”

Third Quarter Highlights

• Q3 2023 adjusted revenues of $264.2 million, a 25% sequential increase compared to Q2 2023, including $32.1 million adjusted revenues from Shelf Drilling (North Sea), Ltd. (“SDNS”).
• Q3 2023 adjusted EBITDA of $114.8 million, representing an adjusted EBITDA margin of 43%, including $1.4 million adjusted EBITDA from SDNS.
• Q3 2023 net income attributable to controlling interest of $40.9 million.
• Q3 2023 capital expenditures and deferred costs totaled $34.8 million, including $3.2 million at SDNS.
• The Company’s cash and cash equivalents balance at September 30, 2023 was $144.7 million, including $46.6 million at SDNS. Cash and cash equivalents, excluding SDNS, increased from $89.0 million at June 30, 2023 to $98.1 million at September 30, 2023.
• Contract backlog of $2.5 billion at September 30, 2023 across 34 contracted rigs with weighted average dayrate of $83.1 thousand.
• In October 2023, the Adriatic I and the Shelf Drilling Mentor commenced new contracts for operations offshore Nigeria for 16 months and 8 months, respectively. These rigs are now under contract until February 2025 and June 2024, respectively. In addition, the Baltic completed its contract in late September 2023 and is being marketed for multiple contract opportunities.
• In October 2023, Shelf Drilling successfully completed transactions for the refinancing of debt maturing in late 2024 and early 2025.
• Financial guidance for full year 2023 maintained; details are included on page 14 of the Q3 2023 results highlights presentation on our website.

Third Quarter Results

Adjusted revenues were $264.2 million in Q3 2023 compared to $211.0 million in Q2 2023. The $53.2 million (25%) sequential increase in revenues was primarily due to higher effective utilization across the fleet, as seven more rigs were operating for the full quarter of Q3 2023, and higher average dayrates.

Effective utilization increased to 90% in Q3 2023 from 82% in Q2 2023, as two rigs commenced new contracts in Italy and UK in Q3 2023, and six rigs started operations in mid to late Q2 2023 in India, Saudi Arabia and West Africa. Average earned dayrate increased to $81.5 thousand in Q3 2023 from $74.6 thousand in Q2 2023 mainly due to five rigs in Italy, UK and Nigeria, starting new contracts or extensions.

Total operating and maintenance expenses increased by $9.0 million (8%) in Q3 2023 to $128.9 million compared to $119.9 million in Q2 2023. The sequential increase was primarily due to higher operating costs for one rig in Saudi Arabia and one rig in West Africa that commenced operations in April 2023 and June 2023, respectively, higher shipyard expenses for planned out of service for one rig in India ahead of a long-term contract expected to start in March 2024 and higher demobilization costs for one rig in Nigeria that completed its contract in September 2023. This was partially offset by lower shipyard expenses mainly for one rig in Italy and one rig in India that commenced operations in August 2023 and May 2023, respectively.

General and administrative expenses increased by $5.2 million in Q3 2023 to $20.2 million as compared to $15.0 million in Q2 2023. The sequential increase was primarily due to $5.7 million of provision for credit losses recorded in the current period.

Adjusted EBITDA for Q3 2023 was $114.8 million compared to $72.7 million for Q2 2023. The adjusted EBITDA margin of 43% for Q3 2023 increased from 34% in Q2 2023. The significant increase in Adjusted EBITDA resulted from increased revenues due to higher effective utilization and dayrates, partially offset by increased costs as described above.

Capital expenditures and deferred costs of $34.8 million in Q3 2023 decreased by $26.1 million from $60.9 million in Q2 2023. This decrease was primarily related to lower spending for three rigs in West Africa, one rig in Italy and two rigs in Saudi Arabia that commenced operations in Q2 2023 and Q3 2023. This was partially offset by increased spending on fleet spares.

Q3 2023 ending cash and cash equivalents balance of $144.7 million was relatively unchanged as compared to $141.9 million at the end of Q2 2023. The Q3 2023 ending cash and cash equivalents balance for SDNS was $46.6 million, leaving $98.1 million of cash and cash equivalents for SDL excluding SDNS. Strong EBITDA generation in Q3 2023 more than offset an increase in working capital during the quarter.

The Form 10-Q Equivalent, which includes the Condensed Consolidated Interim Financial Statements, and a corresponding slide presentation to address the results highlights for Q3 2023 are available on the Company’s website.

For further queries, please contact:
Greg O’Brien, Executive Vice President and Chief Financial Officer
Shelf Drilling, Ltd.
Tel.: +971 4567 3616
Email : greg.obrien@shelfdrilling.com

Dial in Details for the Audio Conference call

Participants will receive conference access information only when they register for the conference via the link below:

Online Registration: Conference Registration

Participants must register for the call using online registration. Upon registering, each participant will be provided with call details.

About Shelf Drilling
Shelf Drilling is a leading international shallow water offshore drilling contractor with rig operations across Middle East, Southeast Asia, India, West Africa, Mediterranean and North 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. The Company is incorporated under the laws of the Cayman Islands with corporate headquarters in Dubai, United Arab Emirates. The Company is listed on the Oslo Stock Exchange under the ticker “SHLF”.

Special Note Regarding Forward-Looking Statements
Matters discussed in this announcement may constitute forward-looking statements. Forward-looking statements are statements that are not historical facts and may be identified by words such as “believe”, “expect”, “anticipate”, “strategy”, “intends”, “estimate”, “will”, “may”, “continue”, “should” and similar expressions. The forward-looking statements in this release are based upon various assumptions, many of which are based, in turn, upon further assumptions. Although the Company believes that these assumptions were reasonable when made, these assumptions are inherently subject to significant known and unknown risks, uncertainties, contingencies and other important factors which are difficult or impossible to predict and may be beyond its control. Such risks, uncertainties, contingencies and other important factors could cause actual events to differ materially from the expectations expressed or implied in this release by such forward-looking statements. Given these factors, users of this information should not place undue reliance on the forward-looking statements.

Additional information about Shelf 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.

Kilde

Hellcat · november 9, 2023, 6:07am

Pent!
• Q3 2023 adjusted revenues of $264.2 million, a 25% sequential increase compared to Q2 2023, including $32.1 million adjusted revenues from Shelf Drilling (North Sea), Ltd. (“SDNS”).
• Q3 2023 adjusted EBITDA of $114.8 million, representing an adjusted EBITDA margin of 43%, including $1.4 million adjusted EBITDA from SDNS.

TekBot · november 14, 2023, 5:09am

Shelf Drilling Share Capital Increase

PRESS RELEASE

SHELF DRILLING SHARE CAPITAL INCREASE
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Dubai, 14 November 2023: Reference is made to the announcement by Shelf Drilling, Ltd. (“Shelf Drilling” or the “Company”, OSE: SHLF) on 8 November 2023 regarding the resolution by the Company’s board of directors to issue a total of 285,274 new common shares in the Company to the chairman of the board of directors and the other non-executive directors or the sponsor firm that such director represents as settlement of restricted stock units (“RSUs”) under the Company’s 2017 Long-Term Incentive Plan.

Today, the new common shares have been legally and validly issued. Following such share issue, the issued share capital of the Company is USD 2,136,909.17, divided into 213,690,917 common shares, each with a par value of USD 0.01. The authorised share capital of the Company is USD 2,340,634.73, divided into 234,063,473 shares, each with a par value of USD 0.01.

About Shelf Drilling
Shelf Drilling is a leading international shallow water offshore drilling contractor with rig operations across Middle East, Southeast Asia, India, West Africa, Mediterranean and North 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. The Company is incorporated under the laws of the Cayman Islands with corporate headquarters in Dubai, United Arab Emirates. The Company is listed on the Oslo Stock Exchange under the ticker “SHLF”.

Additional information about Shelf Drilling can be found at www.shelfdrilling.com.

Contact details
For questions or comments, please contact investor.relations@shelfdrilling.com

This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.

Kilde

TekBot · november 14, 2023, 5:11am

Shelf Drilling Primary Insider Notification

PRESS RELEASE

SHELF DRILLING PRIMARY INSIDER NOTIFICATION
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Dubai, 14 November 2023: Reference is made to the announcement by Shelf Drilling, Ltd. (“Shelf Drilling” or the “Company”, OSE: SHLF) today, regarding the issuance of a total of 285,274 new common shares in the Company to the chairman of the board of directors, Ernie Danner, and the other non-executive directors or the sponsor firm that such director represents without any consideration, as settlement of restricted stock units (“RSUs”) under the Company’s 2017 Long-Term Incentive Plan.

Reference is also made to the announcement made by Shelf Drilling on 8 November 2023, regarding the award of 51,923 new RSUs to Mr Danner and 17,308 new RSUs to each of the non-executive directors of the Company listed below or the sponsor firm that such director represents, which were granted today:

John K. Castle, Director;

David B. Pittaway, Director;

John Reynolds, Director;

Benjamin Sebel, Director;

Usama Trabulsi, Director;

David Williams, Director; and

Mei Xianzhi, Director.

The new RSUs shall vest on the first anniversary from the date of grant and shall each be settled in exchange for one common share in the Company against no consideration, subject to each director’s continued service with the Company.

Please see the attached forms of notification and public disclosure by a primary insider.

About Shelf Drilling
Shelf Drilling is a leading international shallow water offshore drilling contractor with rig operations across Middle East, Southeast Asia, India, West Africa, Mediterranean and North 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. The Company is incorporated under the laws of the Cayman Islands with corporate headquarters in Dubai, United Arab Emirates. The Company is listed on the Oslo Stock Exchange under the ticker “SHLF”.

Additional information about Shelf Drilling can be found at www.shelfdrilling.com.

Contact details
For questions or comments, please contact investor.relations@shelfdrilling.com

This information is subject to the disclosure requirements in article 19 of Regulation EU 596/2014 (the EU Market Abuse Regulation) and section 5-12 of the Norwegian Securities Trading Act.

Kilde

TekBot · desember 8, 2023, 12:53pm

Shelf Drilling Awarded New Contract in Vietnam

PRESS RELEASE

SHELF DRILLING AWARDED NEW CONTRACT IN VIETNAM
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Dubai, December 8, 2023 – Shelf Drilling, Ltd. (“Shelf Drilling” or the “Company”, OSE: SHLF) and Shelf Drilling (North Sea), Ltd. (“Shelf Drilling North Sea” or “SDNS”) announced today a contract award for the Shelf Drilling Perseverance jack-up rig with PetroVietnam Domestic Exploration Production Operating Company Limited (PVEP POC). The rig will shortly commence mobilization to Southeast Asia, and the planned start-up of operations with PVEP POC in Vietnam is Q3 2024. The firm term of the contract is approximately 16 months, and the total estimated contract value for the firm period is approximately USD 73 million.

About Shelf Drilling
Shelf Drilling is a leading international shallow water offshore drilling contractor with rig operations across Middle East, Southeast Asia, India, West Africa, Mediterranean and North 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. The Company is incorporated under the laws of the Cayman Islands with corporate headquarters in Dubai, United Arab Emirates. The Company is listed on the Oslo Stock Exchange under the ticker “SHLF”.

About Shelf Drilling North Sea
Shelf Drilling North Sea is a shallow water offshore drilling contractor primarily operating in the North 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 of Bermuda. Since October 12, 2022, SDNS shares are listed on the Euronext Growth Oslo Exchange under the ticker “SDNS”.

Additional information about Shelf Drilling can be found at www.shelfdrilling.com.

Contact details
For questions or comments, please contact investor.relations@shelfdrilling.com.

This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.

Kilde

TekBot · desember 21, 2023, 6:35pm

Shelf Drilling Holdings, Ltd. Announces Senior Secured Notes Listing

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES OF AMERICA (INCLUDING ITS TERRITORIES AND POSSESSIONS, ANY STATE OF THE UNITED STATES OF AMERICA AND THE DISTRICT OF COLUMBIA) (THE “UNITED STATES”), AUSTRALIA, CANADA, THE HONG KONG SPECIAL ADMINISTRATIVE REGION OF THE PEOPLE’S REPUBLIC OF CHINA OR JAPAN, OR ANY OTHER JURISDICTION IN WHICH THE RELEASE, PUBLICATION OR DISTRIBUTION WOULD BE UNLAWFUL. THIS ANNOUNCEMENT DOES NOT CONSTITUTE AN OFFER OF ANY OF THE SECURITIES DESCRIBED HEREIN.

PRESS RELEASE
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SHELF DRILLING HOLDINGS, LTD. ANNOUNCES SENIOR SECURED NOTES LISTING

Dubai, December 21, 2023 – Shelf Drilling Holdings, Ltd. (the “Issuer”), a wholly owned subsidiary of Shelf Drilling, Ltd. (“Shelf Drilling”, OSE: SHLF), hereby announces that the $1,095,000,000 in aggregate principal amount of its 9⅝% Senior Secured Notes due 2029 (the “Notes”) issued on October 13, 2023, have been admitted to the Official List of The International Stock Exchange.

About Shelf Drilling
Shelf Drilling is a leading international shallow water offshore drilling contractor with rig operations across Middle East, Southeast Asia, India, West Africa, the Mediterranean and the North 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. The company is incorporated under the laws of the Cayman Islands with corporate headquarters in Dubai, United Arab Emirates. The company is listed on the Oslo Stock Exchange under the ticker “SHLF”.

Additional information about Shelf Drilling can be found at www.shelfdrilling.com.

Cautionary Statement
The Notes and the guarantees thereof will not be registered under the United States Securities Act of 1933, as amended (the “Securities Act”), or applicable state securities laws. Accordingly, the Notes were offered only to qualified institutional buyers and to non-U.S. persons outside the United States (“U.S.”) in reliance on Rule 144A and Regulation S under the Securities Act, respectively. Unless so registered, the Notes may not be offered or sold in the United States or for the account or benefit of any U.S. person or in any way distributed in the United States except pursuant to an exemption from the registration requirements of the Securities Act and applicable state securities laws.

This announcement is for informational purposes only and does not constitute an offer to sell or a solicitation of an offer to buy the Notes or any other security and shall not constitute an offer, solicitation or sale in the United States or in any jurisdiction in which, or to any persons to whom, such offering, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any jurisdiction.
This announcement is not being made in and copies of it may not be distributed or sent into any jurisdiction in which, or to any persons to whom, such offering, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.

This announcement does not constitute and shall not, in any circumstances, constitute an invitation to the public in connection with any offer or constitute any offer to the public, each within the meaning of Regulation (EU) 2017/1129 (“Prospectus Regulation”). In member states of the European Economic Area (“EEA”), this announcement and any offer of the securities were made pursuant to an exemption under the Prospectus Regulation from the requirement to publish a prospectus for offers of the securities referred to herein.

The securities are not intended to be offered, sold or otherwise made available to and should not be offered, sold or otherwise made available to any retail investor in the EEA. For these purposes, a retail investor means a person who is one (or more) of: (i) a retail client as defined in point (11) of Article 4(1) of Directive 2014/65/EU (as amended, “MiFID II”); (ii) a customer within the meaning of Directive 2016/97 (the “Insurance Distribution Directive”), where that customer would not qualify as a professional client as defined in point (10) of Article 4(1) of MiFID II; or (iii) not a “qualified investor” as defined in the Prospectus Regulation. Consequently, no key information document required by Regulation (EU) No 1286/2014 (as amended, the “PRIIPs Regulation”) for offering or selling the securities or otherwise making them available to retail investors in the EEA has been prepared and therefore offering or selling the securities or otherwise making them available to any retail investor in the EEA may be unlawful under the PRIIPS Regulation.

The securities are not intended to be offered, sold or otherwise made available to and should not be offered, sold or otherwise made available to any retail investor in the United Kingdom (“UK”). For these purposes, a retail investor means a person who is one (or more) of: (i) a retail client, as defined in point (8) of Article 2 of Regulation (EU) No 2017/565 as it forms part of domestic law by virtue of the European Union (Withdrawal) Act 2018 (“EUWA”); (ii) a customer within the meaning of the provisions of the FSMA and any rules or regulations made under the FSMA to implement Directive (EU) 2016/97, where that customer would not qualify as a professional client, as defined in point (8) of Article 2(1) of Regulation (EU) No 600/2014 as it forms part of domestic law by virtue of the EUWA; or (iii) not a “qualified investor” as defined in Article 2 of Regulation (EU) 2017/1129 as it forms part of domestic law by virtue of the EUWA (“UK Prospectus Regulation”), and the expression an offer includes the communication in any form and by any means of sufficient information on the terms of the offer and the securities to be offered so as to enable an investor to decide to purchase or subscribe for the securities. Consequently no key information document required by Regulation (EU) No 1286/2014 as it forms part of domestic law by virtue of the EUWA (as amended, the “UK PRIIPs Regulation”) for offering or selling the Notes or otherwise making them available to retail investors in the UK has been prepared and therefore offering or selling the Notes or otherwise making them available to any retail investor in the UK may be unlawful under the UK PRIIPs Regulation.

In the UK, this announcement and any offer of the securities referred to herein in the UK were made pursuant to an exemption under the UK Prospectus Regulation from the requirement to publish a prospectus for offers of the securities referred to herein. Accordingly, any person making or intending to make an offer in the UK of Notes which are the subject of the offering contemplated may only do so in circumstances in which no obligation arises for the Issuer or any of the initial purchasers to publish a prospectus pursuant to Article 3 of the UK Prospectus Regulation, in each case, in relation to such offer. Neither the Issuer nor the initial purchasers have authorized, nor do they authorize, the making of any offer of Notes in circumstances in which an obligation arises for the Issuer or the initial purchasers to publish a prospectus for such offer. The expression “UK Prospectus Regulation” means Regulation (EU) 2017/1129 as it forms part of domestic law by virtue of the EUWA.

This communication is being distributed only to, and is only directed at persons who (i) have professional experience in matters relating to investments falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005, as amended (the “Financial Promotion Order”) (ii) are persons falling within Article 49(2)(a) to (d) (high net worth companies, unincorporated associations, etc.) of the Financial Promotion Order, (iii) are outside the United Kingdom or (iv) are persons to whom an invitation or inducement to engage in investment activity (within the meaning of section 21 of the Financial Services and Markets Act 2000 in connection with the issue and sale of any securities may otherwise lawfully be communicated or caused to be communicated (all such persons together being referred to as “relevant persons”). This announcement is directed only at relevant persons and must not be acted on or relied on by persons who are not relevant persons. Any investment or investment activity to which this announcement relates is available only to relevant persons and will be engaged in only with relevant persons.

Neither the content of the Issuer’s website nor any website accessible by hyperlinks on the Issuer’s website is incorporated in, or forms part of, this announcement. The distribution of this announcement into certain jurisdictions may be restricted by law. Persons into whose possession this announcement comes should inform themselves about and observe any such restrictions. Any failure to comply with these restrictions may constitute a violation of the securities laws of any such jurisdiction.

This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.

Kilde

TekBot · desember 29, 2023, 10:34am

Financial calendar

aksjewonka · januar 9, 2024, 6:36am

TekBot · januar 31, 2024, 6:59am

Shelf Drilling, Ltd – Disclosure of large shareholding

TekBot · februar 8, 2024, 3:00am

Shelf Drilling Announces CEO Transition

PRESS RELEASE

SHELF DRILLING ANNOUNCES CEO TRANSITION
…

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Cayman Islands, February 7, 2024 – Shelf Drilling, Ltd. (“Shelf Drilling” or the “Company”, OSE: SHLF) announced today that the Board has approved a transition plan, effective August 2024, where David Mullen will step down from the role of Chief Executive Officer (CEO) and assume that of Executive Chairman. At the same time, Greg O’Brien current Executive Vice President & Chief Financial Officer (EVP & CFO), will be appointed as CEO. Concurrently, Ernie Danner will step down as Chairman of the Board and will then serve as Lead Independent Director of the Company. The Company has launched a search process to identify a suitable candidate to replace Greg O’Brien as EVP & CFO.

David Mullen said “I would like to thank all our stakeholders for their support of Shelf Drilling since company inception. I am very proud of what we have achieved and look forward to working with Greg and the management team to ensure a successful transition. I would also like to thank Ernie for his leadership on the Board. In my role as Executive Chairman, I look forward to collaborating with him and the Board to continue driving Shelf Drilling’s success, capitalizing on the improving market, and further enhancing value for our investors.”

Greg O’Brien said “I would like to thank the Board of Directors for their confidence in me and support of this transition. David’s outstanding vision and leadership has set a high standard and established a solid foundation for the Company. The proven track record and continuity of the Shelf Drilling management team is truly unique in our industry, and I look forward to leading this great team. Moving forward, we will remain focused on improving our already best-in-class operating platform and further strengthening our relationships with employees, customers, investors, and all other stakeholders.”

About Shelf Drilling
Shelf Drilling is a leading international shallow water offshore drilling contractor with rig operations across Middle East, Southeast Asia, India, West Africa, Mediterranean and North 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. The Company is incorporated under the laws of the Cayman Islands with corporate headquarters in Dubai, United Arab Emirates. The Company is listed on the Oslo Stock Exchange under the ticker “SHLF”.

Additional information about Shelf 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.

Kilde

TekBot · februar 8, 2024, 3:18am

Shelf Drilling - Long Term Incentive Plan

PRESS RELEASE

SHELF DRILLING, LTD. – LONG-TERM INCENTIVE PLAN
…

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Cayman Islands, February 7, 2024 – The Board of Shelf Drilling, Ltd. (“Shelf Drilling” or the “Company”, OSE: SHLF) has approved awards of Restricted Stock Units (“RSUs”) and Performance-Based Stock Units (“PSUs”) under the Company’s 2017 Long-Term Incentive Plan (the “2017 Plan”).

The combined number of RSUs and PSUs awarded is 2,743,721, or approximately 1.17% of the authorised common shares in the Company, based on the assumption that each PSU will pay out at target of one (1) common share per PSU. The RSUs are subject to equal annual vesting in 2025, 2026 and 2027, conditioned upon the holder’s continued employment within the Company group on each applicable vesting date. Each vested RSU will entitle the holder to one (1) common share without paying any consideration. Each PSU will give the holder the right to receive from nil (0) to two (2) common shares without paying any consideration, based on the Company’s achievement of applicable performance criteria over the period beginning in 2024 and ending in 2026 and their continued employment throughout the performance cycle. The maximum number of shares that could be issued under this award is therefore 4,037,581.

Certain primary insiders of the Company have been awarded RSUs and PSUs under the 2017 Plan as further described in the attached notification forms.

About Shelf Drilling
Shelf Drilling is a leading international shallow water offshore drilling contractor with rig operations across Middle East, Southeast Asia, India, West Africa, Mediterranean and North 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. The Company is incorporated under the laws of the Cayman Islands with corporate headquarters in Dubai, United Arab Emirates. The Company is listed on the Oslo Stock Exchange under the ticker “SHLF”.

Additional information about Shelf Drilling can be found at www.shelfdrilling.com

Contact details
For questions or comments, please contact investor.relations@shelfdrilling.com

This information is subject to the disclosure requirements pursuant to article 19 of the EU Market Abuse Regulation and section 5-12 of the Norwegian Securities Trading Act.

Kilde

aksjewonka · februar 15, 2024, 1:56pm

Hva skjer her?

Hellcat · februar 15, 2024, 2:22pm

Er nok en del som tar litt av bordet nå fremover i påvente av Investeringsplanen Aramco skal legge frem i Mars. På den betryggende siden er jo ytringene til energiministeren (intervjuet med IPTC) om at «de ikke forlater ting» (Safaniya og Manifa, utsatte prosjekter) og «det betyr ikke at vi ikke kommer til å bruke riggene som Aramco bestilte» positive!
Så tenker for egen del at kursmessig er dette kortsiktig støy!

TekBot · februar 27, 2024, 2:46pm

Shelf Drilling Q4 2023 Earnings Release Information

PRESS RELEASE

SHELF DRILLING Q4 2023 EARNINGS RELEASE INFORMATION
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Dubai, February 27, 2024 – Shelf Drilling, Ltd. (“Shelf Drilling”, OSE: SHLF) and Shelf Drilling (North Sea), Ltd. (“Shelf Drilling North Sea”, Euronext Growth Oslo Exchange: SDNS) will report earnings for the fourth quarter of 2023 on Monday, March 4, 2024.

An audio conference call will be held to discuss the results.
• Date: Monday, March 4, 2024
• Time: 18:00 Gulf Standard Time (GST), 15:00 Central European Time (CET), 14:00 Greenwich Mean Time (GMT), 09:00 Eastern Standard Time (EDT)

A corresponding slide presentation will be posted on the Shelf Drilling website before the call. The conference call will be recorded and posted onto the company website within three working days of the conference call.

Online Registration: Conference Registration

Participants must register for the call using online registration. Upon registering, each participant will be provided with call details and a passcode.

About Shelf Drilling
Shelf Drilling is a leading international shallow water offshore drilling contractor with rig operations across Middle East, Southeast Asia, India, West Africa, Mediterranean and North 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. The Company is incorporated under the laws of the Cayman Islands with corporate headquarters in Dubai, United Arab Emirates. The Company is listed on the Oslo Stock Exchange under the ticker “SHLF”.

About Shelf Drilling North Sea
Shelf Drilling North Sea is a shallow water offshore drilling contractor primarily operating in the North 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 of Bermuda. Since October 12, 2022, SDNS shares are listed on the Euronext Growth Oslo Exchange under the ticker “SDNS”.

Additional information about Shelf Drilling can be found at www.shelfdrilling.com.

Contact details
For questions or comments, please contact investor.relations@shelfdrilling.com.

This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.

Kilde

TekBot · mars 4, 2024, 5:21am

Shelf Drilling Fleet Status Report Updated March 2024

TekBot · mars 4, 2024, 5:21am

Shelf Drilling Reports Fourth Quarter 2023 Results

PRESS RELEASE

SHELF DRILLING REPORTS FOURTH QUARTER 2023 RESULTS
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Dubai, UAE, March 4, 2024 – Shelf Drilling, Ltd. (“Shelf Drilling”, “SDL” and, together with its subsidiaries, the “Company”, OSE: SHLF) announces results for the fourth quarter and full year of 2023 ended December 31. The results highlights will be presented by audio conference call on March 4, 2024 at 6:00 pm Dubai time / 3:00 pm Oslo time. Dial-in details for the call are included in the press release posted on February 27, 2024 and on page 3 of this release.

David Mullen, Chief Executive Officer, commented: “The fourth quarter of 2023 concluded a very positive year for Shelf Drilling. We generated EBITDA of $88 million, bringing the full year total to $311 million, in line with the guidance we provided at the beginning of 2023. We delivered the best safety performance in our company’s history, and we completed our most intense period of major out of service projects, in aggregate on time and on budget. The execution of our refinancing transaction late in the year has resulted in a significantly improved capital structure with a clear runway until 2029.”

Mullen added: “Oil and gas consumption has reached record levels and is expected to increase for many years to come with shallow water activity in our markets playing a critical role. Global jack-up utilization has reached 94%, and dayrate momentum has accelerated over the past 18 months. There may possibly be some reduction in Saudi Arabia in the quarters ahead, but we expect incremental demand in other regions to sustain strong level of jack-up activity and utilization for the foreseeable future. As of December 31, 2023, our backlog was $2.3 billion, with 35 of our 36 rigs under contract, and we have a solid pipeline of new marketing opportunities for uncontracted days in 2024 and 2025. Our long-term track record of diligent cost management and financial discipline, combined with our operational execution capabilities and streamlined capital structure, will position Shelf Drilling very well to create long-term value for all our stakeholders.”

Fourth Quarter Highlights
• Q4 2023 adjusted revenues of $238.8 million.
• Q4 2023 adjusted EBITDA of $88.0 million, representing an adjusted EBITDA margin of 37%, including $(3.0) million adjusted EBITDA from Shelf Drilling (North Sea), Ltd. (“SDNS”).
• Full year 2023 adjusted revenues of $893.8 million, adjusted EBITDA of $311.5 million and adjusted EBITDA margin of 35%.
• Q4 2023 net loss attributable to controlling interest of $16.8 million. This includes $27.7 million loss on debt extinguishment related to our debt refinancing transaction in October 2023.
• FY 2023 capital expenditures and deferred costs totaled $225.8 million, including $11.5 million at SDNS.
• The Company’s cash and cash equivalents balance at December 31, 2023 was $98.2 million, including $27.7 million at SDNS.
• Contract backlog of $2.3 billion at December 31, 2023 across 35 contracted rigs with weighted average dayrate of $83.4 thousand.
• In December 2023, the Shelf Drilling Perseverance secured a new contract with PetroVietnam Domestic Exploration Production Operating Company Limited which is expected to start in Vietnam in July 2024 for a firm term of approximately 16 months.
• In February 2024, the Baltic secured a new contract expected to start in April 2024 in Nigeria for a firm term of approximately 70 days.
• On March 1, 2024, the Company executed an agreement related to the revolving credit facility that increases the total facility size from $125.0 million to $150.0 million.
• Financial guidance for full year 2024 is included in “2024 Financial Guidance” section of the Q4 2023 results highlights presentation on our website.

Fourth Quarter Results

Adjusted revenues were $238.8 million in Q4 2023 compared to $264.2 million in Q3 2023. The $25.4 million (10%) sequential decrease in revenues was primarily due to lower effective utilization across the fleet, as four fewer rigs were operating for the full quarter of Q4 2023, as well as a decline in other revenues as one rig in Norway completed its bareboat charter contract in Q4 2023.

Effective utilization decreased to 85% in Q4 2023 from 90% in Q3 2023, primarily due to the contract preparation project for one rig in India, the contract completion of one rig in West Africa in September 2023 and planned out of service for two rigs in Saudi Arabia, partially offset by the commencement of new contracts for three rigs in mid-Q3 2023 in West Africa, United Kingdom and Italy, and for one rig in India in Q4 2023. Average earned dayrate decreased to $80.2 thousand in Q4 2023 from $81.5 thousand in Q3 2023 mainly due to lower revenue contribution for two rigs in West Africa.

Total operating and maintenance expenses increased by $6.0 million (5%) in Q4 2023 to $134.9 million compared to $128.9 million in Q3 2023. The sequential increase was primarily due to higher shipyard costs for one rig in India ahead of its new contract commencement expected in March 2024, higher demobilization costs for two rigs in West Africa, one that completed its contract in September 2023 and one rig that commenced a new contract in October 2023, and higher demobilization and maintenance costs for one rig in Norway which completed its contract in Q4 2023. This was partially offset by lower maintenance costs for one rig in the United Kingdom that started a new contract in Q3 2023 and lower expenses for fleet spares.

General and administrative expenses decreased by $6.6 million in Q4 2023 to $13.6 million as compared to $20.2 million in Q3 2023. The sequential decrease was primarily due to the $5.7 million provision for credit losses recorded in Q3 2023, primarily at SDNS.

Adjusted EBITDA for Q4 2023 was $88.0 million compared to $114.8 million for Q3 2023. The adjusted EBITDA margin of 37% for Q4 2023 decreased from 43% in Q3 2023.

Capital expenditures and deferred costs of $47.6 million in Q4 2023 increased by $12.8 million from $34.8 million in Q3 2023. This increase was primarily related to higher spending for two rigs in Saudi Arabia undergoing out of service projects in Q4 2023, one rig in India preparing for a new contract and higher spending on fleet spares. This was partially offset by lower spending for one rig each in Italy and India which started their new contracts in Q3 2023 and early Q4 2023.

Q4 2023 ending cash and cash equivalents balance of $98.2 million decreased by $46.5 million from $144.7 million at the end of Q3 2023. The Q4 2023 ending cash and cash equivalents balance for SDNS was $27.7 million, leaving $70.5 million of cash and cash equivalents for SDL excluding SDNS. The decrease in cash and cash equivalents was primarily due to the successful completion of the comprehensive debt refinancing transaction and a sequential decrease in EBITDA, partially offset by a favorable impact from changes in net working capital.

The Form 10-K Equivalent, which includes the Consolidated Financial Statements, and a corresponding slide presentation to address the results highlights for Q4 2023 are available on the Company’s website.

For further queries, please contact:
Greg O’Brien, Executive Vice President and Chief Financial Officer
Shelf Drilling, Ltd.
Tel.: +971 4567 3616
Email : greg.obrien@shelfdrilling.com

Dial in Details for the Audio Conference call

Participants will receive conference access information only when they register for the conference via the link below:

Online Registration: Conference Registration

Participants must register for the call using online registration. Upon registering, each participant will be provided with call details.

About Shelf Drilling
Shelf Drilling is a leading international shallow water offshore drilling contractor with rig operations across Middle East, Southeast Asia, India, West Africa, Mediterranean and North 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. The Company is incorporated under the laws of the Cayman Islands with corporate headquarters in Dubai, United Arab Emirates. The Company is listed on the Oslo Stock Exchange under the ticker “SHLF”.

Special Note Regarding Forward-Looking Statements
Matters discussed in this announcement may constitute forward-looking statements. Forward-looking statements are statements that are not historical facts and may be identified by words such as “believe”, “expect”, “anticipate”, “strategy”, “intends”, “estimate”, “will”, “may”, “continue”, “should” and similar expressions. The forward-looking statements in this release are based upon various assumptions, many of which are based, in turn, upon further assumptions. Although the Company believes that these assumptions were reasonable when made, these assumptions are inherently subject to significant known and unknown risks, uncertainties, contingencies and other important factors which are difficult or impossible to predict and may be beyond its control. Such risks, uncertainties, contingencies and other important factors could cause actual events to differ materially from the expectations expressed or implied in this release by such forward-looking statements. Given these factors, users of this information should not place undue reliance on the forward-looking statements.

Additional information about Shelf 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.

Kilde