Riyadh - Mubasher: ADES Holding Company has acquired Shelf Drilling Limited through a cash merger, anchoring the Saudi group’s position as a global leader in offshore drilling.
ADES Holding currently has a combined fleet of 83 offshore units and 40 onshore rigs, operating across 19 countries, according to a press release.
The group runs its business in Saudi Arabia, the GCC, and key growth regions such as Southeast Asia and West Africa.
The enlarged platform is supported by a combined backlog in excess of SAR 34 billion, providing advancing multi-year revenue visibility, earnings resilience, and significant headroom to capture premium market opportunities at scale.
Meanwhile, ADES will refinance and settle Shelf Drilling’s outstanding USD notes (2029) and Nordic bonds (2028) before the end of 2025.
The CEO of ADES Holding, Mohamed Farouk, said: “By completing this landmark transaction, we have cemented our position as the world’s leading offshore drilling company, with the scale, fleet quality and geographic reach to serve clients across the world’s most attractive basins.
ADES is expected to realize between $50 and $60 million in annual operational cost synergies.
“Combining international experience with deep localization will allow ADES to accelerate knowledge transfer and talent development within the Kingdom, further advancing Saudi Arabia’s long-term energy services capabilities all while generating hard-currency inflows that bolster the national economy,” Farouk concluded.
In the first nine months (9M) of 2025, ADES Holding registered net profits valued at SAR 607.50 million, compared to SAR 606.25 million in 9M-24.
