ADES International Holding has finalised its acquisition of Shelf Drilling, closing the transaction in November 2025 and forming a combined offshore drilling group operating more than 80 jack-up rigs, including over 45 premium units active in major basins worldwide.
The merger stems from an announcement issued on 5 August 2025, later amended on 16 September with updated terms setting the offer at NOK 18.50 ($1.89) per share. The revised proposal followed discussions with Shelf Drilling’s senior management and reflected market conditions as well as an upward revision of estimated annual cost synergies to $50–60 million, compared with the earlier $40–50 million guidance.
As of 30 June 2025, the combined company reported a total backlog of $9.45 billion.
