Riyadh - Mubasher: ADES Holding Company, ADES International Cayman (BidCo), and Shelf Drilling have revised the terms of the proposed cash merger, increasing the offer to NOK 18.50 per share.

The revised offer has secured irrevocable commitments representing 53.40% of votes in favor, up from 15% before the initial announcement on 5 August 2025, according to a bourse filing.

ADES Holding agreed to the revised offer after reviewing Shelf Drilling’s trading and market fundamentals.

Meanwhile, it also considered an upward revision of annual cost synergies to $50–$60 million, which raises the enterprise value by about 6%.

The company will hold an extraordinary general meeting around 6 October 2025, to seek shareholders’ approval for the proposed merger with the revised cash consideration.

Earlier this month, ADES Holding signed a SAR 808 million contract with QatarEnergy for offshore drilling services using its jackup rig, Aquamarine Driller.