Shelf Drilling’s shareholders approved a cash merger with ADES, a Saudi company, after an extraordinary general meeting. The deal valued Shelf Drilling at around $380m. ADES revised the offer in September, increasing the cash consideration by 28% to Nkr18.50 per share. The completion of the merger is subject to closing conditions and regulatory approvals, expected in Q4 2025. Shelf Drilling operates in various regions with 33 jack-up rigs, while ADES has operations in seven countries with roughly 50 jack-up rigs and 40 land rigs. Post-merger, Shelf Drilling will be the surviving entity.

Read more at Yahoo Finance: Shelf Drilling shareholders back cash merger with ADES