Fossil Energy – Merger
ADES and Shelf Drilling have completed their planned merger, with Shelf Drilling now wholly owned by ADES.
ADES now has a combined owned global fleet of 77 jack ups, standing as the largest jackup drilling contractor by fleet size.
Shelf Drilling will be delisted from the Oslo Stock Exchange. Each Shelf Drilling shareholder is to receive NOK 18.50 in cash for each of their shares as part of the acquisition.
ADES now has a fleet of 83 offshore units, including its owned jackups, managed jackups, and other vessels including jackup barges and a mobile offshore production unit, alongside its 40 onshore rigs.
ADES noted that with the acquisition of Shelf Drilling, it is now operating in 19 countries, up from 13 previously. ADES began in Saudi Arabia and in recent years has expanded to regions beyond the Middle East, including Southeast Asia and West Africa.
The addition of Shelf Drilling’s business has strengthened its presence in these areas, along with other common regions like India.
The acquisition of Shelf Drilling has expanded ADES’ reach to the North Sea, where Shelf Drilling units are currently operating in the Netherlands, Norway and United Kingdom. In the Mediterranean, ADES now owns rigs working offshore Italy.
