In a major move reshaping the offshore drilling landscape, Saudi-based ADES Holding has announced a $380 million all-cash acquisition offer for UAE-headquartered Shelf Drilling. The bid will be executed through its wholly owned subsidiary, ADES International Cayman, in the form of a Cayman Islands statutory merger.
As part of the transaction, Shelf Drilling will be delisted from the Oslo Stock Exchange and become a wholly owned entity under ADES. The proposed acquisition values Shelf Drilling at NOK 3.9 billion (approx. $380 million), with the shareholder vote scheduled for September 16, 2025. Subject to approvals, the deal is expected to close in the fourth quarter of 2025.
The acquisition would result in the formation of a global shallow-water drilling leader, combining 83 jack-up rigs and a backlog of $9.45 billion. ADES anticipates annual cost and operational synergies of $40–50 million and has also committed to absorbing Shelf Drilling’s existing debt as part of the deal structure.
This strategic move marks a significant consolidation in the offshore drilling market and reinforces ADES’s position as a major regional and global player in shallow-water rig services.
