Shelf Drilling shareholders back cash merger with ADES

Core Points - Shelf Drilling's shareholders approved a cash merger with ADES, with 99.6% of votes in favor [1] - ADES International Holding agreed to acquire all shares of Shelf Drilling for Nkr18.50 per share, valuing the company at approximately $380 million [2][3] - The merger is subject to customary closing conditions and regulatory approvals, with completion expected in Q4 2025 [4] Company Overview - Shelf Drilling operates a fleet of 33 jack-up rigs across various regions including South East Asia, India, West Africa, the North Sea, and the Middle East [5] - ADES operates approximately 50 jack-up rigs and 40 land rigs across seven countries [5] - Post-merger, Shelf Drilling will remain the surviving entity [5]