Overview
- The completed cash merger creates a combined fleet of 83 offshore units, including 46 premium units, plus 40 onshore rigs operating across 19 countries.
- ADES projects $50–60 million in annual operating cost synergies alongside day-one interest savings of more than $30 million per year.
- Through Shelf Drilling, ADES won a two-year Brunei Shell Petroleum contract worth about SAR 236 million ($63 million) for plug and abandonment work using the Compact Driller jack-up.
- Compact Driller remains on hire in India until May 2026, will undergo preparation in Singapore, and is scheduled to start Brunei operations in the fourth quarter of 2026.
- The company plans to refinance and settle Shelf Drilling’s 2029 USD notes and 2028 Nordic bonds before year-end 2025, seeking a more efficient balance sheet supported by a backlog exceeding SAR 34 billion.