Shareholders of UAE-based Shelf Drilling have approved a proposed merger with Saudi Arabia’s ADES Holding Company, ADES said on Wednesday.
The transaction agreement covers the acquisition of all issued and outstanding shares of Shelf Drilling and was approved with 99.6% of votes cast in favour.
The deal will strengthen ADES’ position in the shallow-water offshore drilling market and expand its global fleet.
ADES Holding Company provides offshore and onshore drilling services across the Middle East, North Africa and India. Its fleet includes jackups, onshore rigs and tender-assisted rigs serving NOCs and IOCs.
Shelf Drilling focuses on shallow-water offshore drilling and operates a fleet of jackups across the Middle East, North Africa, Southeast Asia and West Africa.
Source: theenergyyear.com