Merger Completion and Timeline

The merger between Shelf Drilling and ADES is scheduled for completion on November 25. Following this date, trading in Shelf Drilling shares will cease, and the shares will be suspended on the Oslo Stock Exchange the next day. Subsequently, the company will be delisted from the Oslo Stock Exchange.

Transaction Details and Investor Approval

Investors in Shelf Drilling approved the cash merger with ADES in October. ADES initially offered Nkr14 ($1.38) per Shelf share in August, which was later increased to Nkr18.50 per share. This revised offer secured the necessary backing from investors.

Combined Fleet and Market Impact

Shelf Drilling, headquartered in Dubai, operates a fleet of 33 jack-up rigs, while ADES, based in Saudi Arabia, has a fleet of approximately 50 jack-ups and 40 land rigs. Upon completion of the merger, the combined fleet will represent about 19% of the global jack-up fleet.

This material is an AI-assisted summary based on publicly available sources and may contain inaccuracies. For the original and full details, please refer to the source link. Based on materials by Davide Ghilotti. All rights to the original text and images remain with their respective rights holders.