Drillers combine as Eldorado acquires Vantage

DUBAI AND OSLO, June 1, 2026 – Norway’s Eldorado Drilling has agreed to acquire Bermuda-based Vantage Drilling International in a cash merger valuing the offshore drilling contractor at around USD 257.6 million, Vantage announced on Friday.

Vantage shareholders will receive USD 19.00 per share in cash, with a shareholder vote expected on 18 June 2026 and completion targeted for the beginning of Q3 2026. Eldorado’s principal shareholder has committed USD 125 million in equity funding support, including USD 64.5 million in cash equity and USD 60.5 million through the conversion of an existing shareholder note.

The combined company will trade under the name Vantage Drilling International.

“Today’s announcement marks an important step in building a scaled, resilient offshore drilling platform. By combining Vantage Drilling’s global operating capabilities and long‑term customer relationships with Eldorado’s investment program, we believe we can deliver enhanced solutions for customers, accelerate growth opportunities, and create lasting value,” said Eldorado chairman Bernie Wolford.

Based in Norway and Malta, Eldorado Drilling is an offshore drilling company focused on ultra-deepwater drillship investments and offshore drilling growth. Vantage Drilling is a Dubai-based offshore drilling contractor that operates and manages high-specification rigs worldwide and provides contract drilling, operations, marketing and management services for oil and gas companies and rig owners.

Photo courtesy of Vantage Drilling

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