ADES International Holding, a subsidiary of ADES Holding Company, which is part of Saudi Arabia-headquartered ADES Group, is one step closer to wrapping up its merger with the UAE-based Shelf Drilling, thanks to the lion’s share of the latter’s shareholders endorsing the business combination after the Saudi player upped its initial takeover offer.
ADES followed up the signing of a transaction agreement for the acquisition of all issued and outstanding shares of Shelf Drilling via cash merger with an equity value of approximately NOK 3.9 billion, or around $380 million , with a revised cash consideration of NOK 18.50 ($1.88) per share to ensure the majority shareholder vote of the UAE firm would be in favor of the merger.
As a result, the shareholders of Shelf Drilling have approved the proposed merger with a requisite majority of 99.6% votes cast in favor of the takeover. This paves the way for the Saudi Arabian player to acquire 33 jack-up rigs, which will expand its offshore drilling fleet capabilities.
As Shelf Drilling held an extraordinary general meeting on October 6, 2025, to consider the merger, with all proposals on the agenda approved in a landslide vote, the completion now remains conditional upon fulfillment of the customary closing conditions.
While describing the achievement as “a significant milestone,” ADES expects the completion of the merger in Q4 2025. This means that the Saudi giant will increase its fleet to 83 offshore jack-ups, including 46 premium units, before the end of 2025.
Currently, the firm’s fleet consists of 90 rigs across 13 countries, encompassing 40 onshore drilling rigs, 48 jack-up offshore drilling rigs, one jack-up barge, and one mobile offshore production unit (MOPU).