NIGERIA: Shelf Drilling Secures a Contract for the Shelf Drilling Mentor & Shelf Drilling Achiever

Shelf Drilling, has announced today new awards for two jack-up rigs in West Africa. Shelf Drilling has secured a contract for the Shelf Drilling Mentor covering 10 wells and an estimated duration of 450 days in direct continuation of the rig’s current campaign in Nigeria with a contract value of $60 million. In addition, the Company secured a letter of award for the Shelf Drilling Achiever for a multi-year campaign
scheduled to commence in October 2024. The Company expects to execute a contract for this program
in the very near-term.

The Shelf Drilling Achiever rig is currently being mobilized to West Africa on a dry transport carrier,
expected to arrive before the end of September 2024. Concurrently, Shelf Drilling is mobilizing the
Main Pass IV rig using the same dry transport carrier, and this rig is also expected to commence
operations before the end of 2024.

Greg O’Brien said, “We are very pleased with these two awards, which build on our leading position in
West Africa and demonstrate the strength of this market. These awards further support our decision
to mobilize the two rigs from the Middle East, and we are confident that operations for the Main Pass
IV will also commence shortly after the rig’s arrival.”