Eldorado Drilling to acquire Vantage Drilling in $258 million merger

Type: Acquisition · Technology: Oil Gas · Country: Norway · Value: $258M · Announced: 2026-06-18

Norway-based Eldorado Drilling agreed to acquire offshore drilling contractor Vantage Drilling in a $258 million all-cash merger, valuing Vantage's equity at approximately $257.6 million. Shareholders of Vantage approved the transaction at a special general meeting held in Bermuda on June 18, 2026, with Eldorado offering $19.00 per share in cash. Following completion, Vantage will operate as a wholly owned subsidiary of Eldorado under the Vantage Drilling International name, maintaining its global offshore drilling operations. Eldorado's principal shareholder committed $125 million in equity funding, including new cash equity and the conversion of an existing shareholder loan into equity. The deal is expected to close in the third quarter of 2026, subject to regulatory approvals and customary closing conditions.

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