The shareholders of Dubai-based Shelf Drilling have approved the proposed cash merger with offshore oil contractor ADES International Holding, following the revised offer the Saudi Arabian firm.
An extraordinary general meeting was held on October 6, with all proposals on the agenda considering the acquisition approved with 99.6% of votes cast in favor, the company said.
The merger agreement was first announced on August 5, 2025, with revised terms disclosed on September 16, under which ADES offered NOK 18.50 ($1.89) per share.
The revised offer came following discussions with Shelf Drilling’s senior management and consideration of the company’s current trading, jack-up market fundamentals as well as $10 million upwards revised cost synergies estimate to $50-60 million on an annual basis, from previously announced $40-50 million.
Completion remains subject to customary closing conditions, with the transaction expected to close before the end of 2025, according to Shelf Drilling.
Shelf Drilling, founded in 2012 and headquartered in Dubai, is listed on the Oslo Stock Exchange. The company operates shallow-water offshore rigs across the Middle East, Southeast Asia, India, West Africa, the Mediterranean, and the North Sea.
Shelf Drilling-ADES combined group will operate as a strong global player in shallow-water drilling with a fleet of 83 offshore jack-ups, including 46 premium units across the world’s most attractive basins, with a total combined backlog of $9.45 billion as of June 30, 2025.