ADES finalises acquisition of Shelf Drilling

Group 1 - ADES Holding Company has completed its acquisition of Shelf Drilling through a cash merger, resulting in a combined fleet of 83 offshore units and 40 onshore rigs operating in 19 countries, up from 13 previously [1][2] - The merged entity has a backlog exceeding SR34 billion ($9.07 billion), providing multi-year revenue visibility and the capacity to pursue premium opportunities [2] - The acquisition price for Shelf Drilling shares was revised to Nkr18.50 ($1.85) per share, reflecting a total equity valuation of approximately $380 million [3][4] Group 2 - ADES plans to enhance the capital structure of the combined group by refinancing Shelf's outstanding US dollar notes and Nordic bonds, aiming for an efficient capital structure [5] - The company expects to achieve annual operational cost synergies of $50–60 million and day-one interest savings exceeding $30 million [6] - ADES CEO Mohamed Farouk stated that the transaction solidifies the company's position as a leading offshore drilling company with enhanced scale and geographic reach [7]