The setting of a looped drive belt on two equal pulleys is considered. The belt is modelled as a Cosserat rod, and a geometrically nonlinear model with account for tension and transverse shear is applied. The pulleys are considered as rigid bodies, and the beltpulley contact is assumed to be frictionless. The problem has two axes of symmetry; therefore, the boundary value problem for the system of ordinary differential equations is formulated and solved for a quarter of the belt. The considered part consists of two segments, which are the free segment without the loading and the contact segment with the full frictionless contact. The introduction of a dimensionless material coordinate at both segments leads to a ninth-order system of ordinary differential equations. The boundary value problem for this system is solved numerically by the shooting method and finite difference method. As a result, the belt shape including the rotation angle, forces, moments, and the contact pressure are determined. The contact pressure increases near the end point of the contact area; however, no concentrated contact force occurs.