Vantage Investors Back $258M Merger with Eldorado Drilling
June 19, 2026
The shareholder in offshore drilling contractor Vantage Drilling have approved its proposed merger with Norway-based Eldorado Drilling, advancing a transaction that values Vantage's equity at approximately $258 million.
The approval was secured at a special general meeting held in Bermuda on June 18, where shareholders voted in favor of all resolutions related to the merger.
Under the agreement announced earlier this month, Eldorado Drilling will acquire Vantage through the merger of a wholly owned Eldorado subsidiary with the offshore drilling contractor.
Vantage will survive the transaction as a wholly owned subsidiary of Eldorado and continue operating under the Vantage Drilling International name.
The deal offers Vantage shareholders $19.00 per share in cash, implying an equity valuation of approximately $257.6 million based on the company's outstanding shares.
Completion of the transaction remains subject to customary closing conditions, including regulatory approvals and other requirements outlined in the merger agreement. The companies are targeting completion at the beginning of the third quarter of 2026.
The acquisition is expected to combine Vantage's global offshore drilling operations and customer base with Eldorado's investment platform, creating a larger offshore drilling business focused on serving oil and gas operators worldwide.
Eldorado's principal shareholder has committed $125 million in equity funding support for the acquisition, including a combination of new cash equity and the conversion of an existing shareholder loan into equity.
Following completion of the transaction, Vantage intends to seek the delisting of its shares from Euronext Growth Oslo.
Vantage operates offshore drilling rigs and provides drilling services to major, national and independent oil and gas companies on a global basis.
