ADES boosts offer for Shelf Drilling, secures stronger shareholder support

ADES International Holding has increased its cash offer to acquire Shelf Drilling to NOK 18.50 per share. This revised offer, unanimously recommended by Shelf Drilling's board, is supported by irrevocable pre-commitments representing 53.4% of outstanding shares, including ADES' 17.9% stake. This is a substantial increase from the 15.0% pre-commitments initially received.

The enhanced offer follows discussions and an upwards revision of estimated annual cost synergies by $10 million, now projected at $50-60 million. This adjustment boosts the overall Enterprise Value of Shelf Drilling by approximately 6%. A new meeting to approve the revised merger is expected on or about October 6, 2025. The transaction remains on track for a Q4 2025 closing.