Shelf Drilling
Dubai-based jack-up rig operator founded in 2012 and acquired by ADES Holding in a cash merger completed on 25 November 2025.
Industry: Offshore jack-up drilling | Location: Dubai, United Arab Emirates | Founded: 2012
About Shelf Drilling
Shelf Drilling is an international contractor that operates shallow-water jack-up drilling rigs for oil and gas customers. Its own release describes rig operations across the Middle East, Southeast Asia, India, West Africa, the Mediterranean and the North Sea. The company is incorporated in the Cayman Islands and has its corporate headquarters in Dubai. Since 25 November 2025 it has been wholly owned by ADES Holding.
Shelf Drilling says it was established on 30 November 2012, when it acquired 37 jack-up rigs and a swamp barge from Transocean. Its management page lists Greg O'Brien as chief executive since August 2024, after serving as chief financial officer from 2016, Douglas Stewart as chief financial officer since July 2024, Kurt Hoffman as chief commercial officer and Aaftaab Kharbanda as chief operating officer, with the company since inception.
The company's history page records that in 2015 it began operations in the United Arab Emirates with NDC, giving it ten rigs in the Arabian Gulf. In 2016 its first newbuild rig, Shelf Drilling Chaophraya, started a contract with Chevron in Thailand. It listed on Oslo Bors in 2018 and in 2022 acquired Shelf Drilling Victory in July and five premium jack-ups in October. The page also lists customers, though parts of the site date from 2014 to 2018.
ADES, Shelf Drilling and ADES International Cayman signed a merger agreement on 5 August 2025. ADES said it would add 33 jack-ups and expected annual operating cost savings of USD 40 million to USD 50 million. Revised terms announced on 16 September 2025 set the price at NOK 18.50 in cash per share, supported by voting commitments covering 53.4 percent of votes.
The merger was completed on 25 November 2025. Shelf Drilling called its senior secured USD 315 million bonds due 2028 and USD 1.095 billion bonds due 2029 for redemption as a condition of completion, and it applied to delist from the Oslo Stock Exchange. The Shelf Drilling website now states that the company is part of ADES Holding.
Leadership
- Greg O'Brien, Chief Executive Officer
- Douglas Stewart, Executive Vice President and Chief Financial Officer
- Kurt Hoffman, Executive Vice President, Chief Commercial Officer and Advisor to the CEO
- Aaftaab Kharbanda, Executive Vice President and Chief Operating Officer