Saudi Arabia's ADES to acquire Norway's Shelf Drilling in $380 million deal
The deal, valued at $379 million, offers Shelf Drilling shareholders $1.36 per share, representing a 62 per cent premium over the stock's last closing price on the Oslo Stock Exchange. Shelf's board has recommended the offer, the companies told Reuters in a joint statement.
Once finalised, the merger will create a combined fleet of 83 offshore jack-up drilling rigs, solidifying ADES's role as a global leader in shallow-water drilling services.
'With this landmark transaction, we reinforce our position as a market leader in shallow-water offshore drilling,' said ADES CEO Mohamed Farouk, as quoted in the joint statement.
The transaction is expected to close in Q4 2025, subject to shareholder approval at an extraordinary general meeting and other regulatory conditions.
This acquisition is the latest in a string of moves by ADES to expand internationally and bolster its service offerings to the global oil and gas industry.
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