ADES completes Shelf Drilling acquisition, builds 123-rig offshore fleet

ADES Holding completed its cash acquisition of Shelf Drilling, creating a combined platform of 83 offshore units and 40 onshore rigs operating across 19 countries. The enlarged fleet includes 46 premium jackups plus additional offshore assets.

The company said the combination lifts its contracted backlog to more than SAR 34 billion and gives it greater flexibility to allocate rigs across key basins in the Middle East, Southeast Asia, India, West Africa, the Mediterranean and the North Sea. Global marketed jackup utilization is hovering above 90%, and ADES expects to benefit as contracts roll over to higher day rates.

As part of the integration, ADES is preparing to redeploy several suspended jackups from Saudi Arabia, including ADM 510 and Shelf’s Harvey H. Ward, following recent resumption notices.