UAE-headquartered offshore drilling contractor Shelf Drilling (SHLF) has wrapped up a business combination structured as a triangular merger between its indirect subsidiary SHLF MergCo, Shelf Drilling North Sea (SDNS) as the surviving entity in the proposed business combination, and SHLF as the issuer of the merger consideration shares.
The offshore drilling player disclosed an agreement and plan of merger in September 2024 to turn SDNS into its wholly-owned subsidiary, solidifying its position on the global jack-up operators’ stage.
As the merger was registered on October 14 by the Bermuda Registrar of Companies and the certificate of the merger has been issued, the business combination has now been formally completed with the first day of trading of the combined company on the Oslo Stock Exchange under the SHLF ticker being on Monday.
The merger consideration shares will be delivered to the eligible Shelf Drilling North Sea shareholders on October 16, with the share consideration of 1.05 shares in Shelf Drilling for each SDND share held per the record date being rounded downwards to the nearest whole number of shares.
The cash consideration is expected to be paid to Shelf Drilling North Sea shareholders on October 18, 2024. The business combination announcement comes shortly after Shelf Drilling won a new set of drilling assignments for two jack-up rigs in West Africa.
Recently, the firm sold a jack-up rig that will work on a decommissioning assignment in Malaysian waters for its new owner.