Saudi offshore powerhouse ADES Holding has secured overwhelming shareholder backing for its planned merger with Norway’s Shelf Drilling, marking a major reshuffle in the global oilfield services arena.
The Tadawul-listed group confirmed that 99.6% of Shelf Drilling shareholders approved the deal on October 6, following a revised cash offer that boosted the purchase price to 18.50 Norwegian Krone ($1.88) per share—a 6% hike over the previous valuation. The earlier bid stood at NOK 14 per share, totaling roughly $379 million.
Through ADES International Holding and its Cayman-based subsidiary, ADES plans to acquire all issued and outstanding shares of Shelf Drilling in a cash merger. The transaction still awaits customary closing conditions and regulatory green lights, with the merger expected to wrap up in the fourth quarter of 2025.
Shelf Drilling, legally incorporated in the Cayman Islands with headquarters in Dubai, brings additional heft to ADES’s fleet. Once combined, the new entity will operate 83 offshore jack-up rigs, reinforcing its footprint across the international oil and gas sector.
