Shelf Drilling, Ltd. 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.