Merger Completion and Timeline

The merger between Shelf Drilling and ADES is scheduled for completion on November 25. Following this date, trading in Shelf Drilling shares will cease, with suspension on the Oslo bourse occurring the day after. Subsequently, the company will be delisted from the Oslo Stock Exchange.

Transaction Details and Investor Approval

Investors in Shelf Drilling approved the cash merger in October. ADES initially offered Nkr14 ($1.38) per Shelf share in August, later increasing the bid to Nkr18.50 per share, which secured investor support.

Combined Fleet and Market Impact

Shelf Drilling operates a fleet of 33 jack-up rigs, while ADES has approximately 50 jack-ups and 40 land rigs. Upon merger completion, the combined entity will possess a jack-up fleet representing about 19% of the global total.