ADES Holding said the completion of the merger remains subject to customary closing conditions and other regulatory approvals with closing expected in Q4 2025.
ADES Holding Co. announced a significant development in the acquisition agreement for all issued and outstanding shares of Shelf Drilling Ltd., stating that the latter’s shareholders approved the proposed merger with the revised cash consideration during the extraordinary general meeting held on Oct. 6, 2025, with the required majority (99.6% of votes). 
In a statement to Tadawul, the company noted that the completion of the merger remains subject to customary closing conditions and other regulatory approvals with the transaction timetable remains unchanged with closing expected to occur in Q4 2025.
According to data available on Argaam, ADES announced, in September, an agreement with Shelf Drilling and ADES International Cayman on the revised terms of the proposed merger to acquire Shelf Drilling. The new terms include increasing the cash consideration by 32% to NOK 18.50 per share (SAR 7.03), up from the previously offered NOK 14 (SAR 5.12).
In August, ADES International Holding Ltd., a subsidiary ofADES Holding Co., signed an agreement to acquire all issued and outstanding shares of Shelf Drilling Ltd. through a cash merger governed by the laws of the Cayman Islands, under which Shelf Drilling will remain a surviving entity.
The transaction was valued at approximately SAR 1.42 billion ($379 million), reflecting a fully diluted equity value based on a price of NOK 14 per share in Shelf Drilling,Argaamdata showed.
Deal Before and After Amendment
Item
Initial Deal
Amended Deal
Transaction Value
$379 mln (SAR 1.42 bln)
$520 mln (SAR 1.95 bln)
Number of Acquired Shares
Nearly 278 mln shares
NOK to USD Exchange Rate
NOK 10.26 per $1
NOK 9.83 per $1
Transaction Date
Aug. 5, 2025
Sept. 15, 2025
Share Price
NOK 14.00 (SAR 5.12)
NOK 18.50 (SAR 7.03)
Estimated Annual Cost Synergies
$40–50 mln
$50–60 mln
ADES Holding said the completion of the merger remains subject to customary closing conditions and other regulatory approvals with closing expected in Q4 2025.
ADES Holding Co. announced a significant development in the acquisition agreement for all issued and outstanding shares of Shelf Drilling Ltd., stating that the latter’s shareholders approved the proposed merger with the revised cash consideration during the extraordinary general meeting held on Oct. 6, 2025, with the required majority (99.6% of votes).
In a statement to Tadawul, the company noted that the completion of the merger remains subject to customary closing conditions and other regulatory approvals with the transaction timetable remains unchanged with closing expected to occur in Q4 2025.
According to data available on Argaam, ADES announced, in September, an agreement with Shelf Drilling and ADES International Cayman on the revised terms of the proposed merger to acquire Shelf Drilling. The new terms include increasing the cash consideration by 32% to NOK 18.50 per share (SAR 7.03), up from the previously offered NOK 14 (SAR 5.12).
In August, ADES International Holding Ltd., a subsidiary ofADES Holding Co., signed an agreement to acquire all issued and outstanding shares of Shelf Drilling Ltd. through a cash merger governed by the laws of the Cayman Islands, under which Shelf Drilling will remain a surviving entity.
The transaction was valued at approximately SAR 1.42 billion ($379 million), reflecting a fully diluted equity value based on a price of NOK 14 per share in Shelf Drilling,Argaamdata showed.
Deal Before and After Amendment
Item
Initial Deal
Amended Deal
Transaction Value
$379 mln (SAR 1.42 bln)
$520 mln (SAR 1.95 bln)
Number of Acquired Shares
Nearly 278 mln shares
NOK to USD Exchange Rate
NOK 10.26 per $1
NOK 9.83 per $1
Transaction Date
Aug. 5, 2025
Sept. 15, 2025
Share Price
NOK 14.00 (SAR 5.12)
NOK 18.50 (SAR 7.03)
Estimated Annual Cost Synergies
$40–50 mln
$50–60 mln
