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Every item on the agenda passed with the required majority, with 99.6% of votes cast in favour of the merger.In August, ADES International Holding, a unit of drilling services company ADES Holding, agreed to take over all issued and outstanding shares of Shelf Drilling through a cash merger.The Nkr14 ($1.40) price for each Shelf Drilling share under the August agreement implied a total company equity valuation of roughly $380m.However, in September, ADES Holding announced the revised terms for its proposed merger with Shelf Drilling, increasing the cash consideration by 28% to Nkr18.50 per share.This revision came after discussions with Shelf Drilling’s senior management and a review of market fundamentals.In a statement to Tadawul in September, ADES Holding stated that the revised offer garnered binding commitments, including ADES’ own share, which accounted for 53.4% of the votes in favour of the merger.Shelf Drilling’s board also unanimously recommended this revised offer.In the latest statement to Tadawul, ADES said that the completion of the merger remains subject to customary closing conditions and other regulatory approvals.The transaction timetable remains unchanged, with closing expected in the fourth quarter of 2025.Shelf Drilling, which is incorporated under the laws of the Cayman Islands and has headquarters in Dubai, operates a fleet of 33 jack-up rigs, active across South East Asia, India, West Africa, the North Sea, and the Middle East, North Africa and Mediterranean region.ADES has roughly 50 jack-up rigs and 40 land rigs, with operations spanning seven countries.Post deal completion, Shelf Drilling will remain the surviving entity."Shelf Drilling shareholders back cash merger with ADES" was originally created and published by Offshore Technology, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. 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