Shelf Drilling shareholders have voted overwhelmingly in favor of the proposed cash merger with Saudi Arabia’s ADES International Holding, marking a major step toward creating one of the world’s largest shallow-water drilling companies.
At an extraordinary general meeting held on October 6, 2025, 99.6% of votes cast supported the merger proposals. The revised offer, announced on September 16, values Shelf Drilling at approximately NOK 3.9 billion ($380 million), with ADES offering NOK 18.50 ($1.89) per share.
The improved bid followed extensive discussions between ADES and Shelf Drilling’s management, taking into account current market fundamentals and raising projected annual cost synergies to $50–60 million from the earlier $40–50 million estimate.
Completion of the merger remains subject to standard closing conditions and is expected by the end of 2025. Once finalized, the combined company will operate a fleet of 83 offshore jack-up rigs, including 46 premium units, across key regions such as the Middle East, Southeast Asia, India, West Africa, the Mediterranean, and the North Sea.
Together, Shelf Drilling and ADES will hold a total combined backlog of $9.45 billion as of June 30, 2025—cementing their position as a dominant force in the global shallow-water drilling market.
