ADES finalises acquisition of Shelf Drilling

Oil and gas drilling services provider ADES Holding Company has finalised its acquisition of Shelf Drilling via a cash merger. The merger brings together a combined fleet of 83 offshore units, including 46 premium units, and 40 onshore rigs, currently operating across 19 nations, an increase from the previous 13. This transaction strengthens ADES’ market presence in its regions of operation. The enlarged group is said to be backed by a combined backlog exceeding SR34bn ($9.07bn), offering multi-year rev ...