ADES International Holding has increased its cash merger offer for UAE-based Shelf Drilling to NOK 18.50 ($1.88) per share, valuing the deal at approximately NOK 3.9 billion ($380 million).
The revised offer has significantly boosted shareholder backing to 53.4%, up from just 15% before the initial announcement. Key investors — including China Merchants, Anchorage Capital Group, and Magallanes Value Investors — have now joined ADES’ existing supporters, in addition to the company’s 17.9% stake in Shelf Drilling.
Shelf Drilling’s board has unanimously recommended the improved bid, with a shareholder vote set for October 6, 2025.
If approved, the merger is expected to close in Q4 2025, adding 33 jackup rigs to ADES’ existing fleet. This will create one of the largest shallow-water drilling operators in the world, with a combined fleet of 83 offshore jackups.
The move further strengthens ADES’ position in the offshore drilling market, expanding its operational scale and global footprint.
