Saudi Arabia’s Ades drilling has agreed to purchase Norwegian listed firm Shelf Drilling for $379mn. In a 5 August announcement to the Tadawul, Ades said that the transaction will create a “strong global player in shallow-water drilling with a substantial fleet of 83 offshore jack-ups (including 46 premium units), following the addition of 33 jack-ups and entry into new regions.”
The transaction is expected to close in Q4 this year. (CONTINUED - 280 WORDS)
