Eldorado Drilling and Vantage Drilling International have announced the completion of Eldorado’s acquisition of Vantage by merger, pursuant to which an indirect subsidiary of Eldorado merged with and into Vantage, with Vantage surviving as an indirect subsidiary of Eldorado as of 3.00 p.m. Bermuda time on June 26, 2026.
Strategic and Operational Summary
The combination brings together Eldorado’s Atlantic Zonda with Vantage’s asset base, strong operating capabilities, global footprint, and proven track record managing high-specification drilling assets under long-term operating and management arrangements, putting the combined enterprise in a position to deliver efficient, safe, and reliable services to a diversified customer base. The combination is expected to broaden commercial opportunities across multiple regions, and reinforce the shared commitment to safety and operational excellence.
Executive Commentary
'Completion of this transaction marks the start of our next chapter,' said Bernie Wolford, Chairman of Eldorado. 'By uniting Eldorado’s commercial strength with Vantage’s proven operating capabilities, we are now positioned to compete for a wider set of opportunities and deliver for customers with greater scale and resilience.'
'We are proud of what the Vantage team has built and excited about what we will do together with Eldorado,' said Ihab Toma, Chief Executive Officer of Vantage. 'Our focus remains the same – safe, reliable operations and excellent service for our customers – now supported by an expanded platform with the resources to grow.'
Key Highlights
- Vantage brings a global footprint, a history of operating high-specification deepwater and jackup assets, and multi-year operating and management agreements, supporting a more balanced opportunity set and revenue diversification for the combined platform.
- Together, the companies can leverage Vantage’s experience serving national oil companies and international operators to address a broader range of customer requirements while maintaining high HSE and operational standards.
Delisting
In connection with closing, Eldorado will cause Vantage to apply for its ordinary shares to be delisted from Euronext Growth Oslo as promptly as practicable, and will coordinate any required notices through the Oslo Stock Exchange’s NewsWeb platform in accordance with applicable rules.
About Eldorado Drilling
Eldorado Drilling Limited, a Cayman Islands private company, is an owner of offshore drilling assets and the successor to substantially all of the business and assets of Eldorado Drilling AS, a Norwegian private limited liability company, following an internal reorganization conducted in connection with the consummation of the merger with Vantage. Eldorado owns the seventh-generation drillship Atlantic Zonda, which operates in Brazil under third-party management. Eldorado has agreed to acquire the Deep Value Driller in a transaction expected to close in the second half of 2026. For further information about Eldorado, please visit Eldorado’s website at https://eldoradodrilling.no.
About Vantage
Vantage, a Bermuda exempted company, is an offshore drilling contractor. Vantage's primary business is to contract drilling units, related equipment and work crews primarily on a dayrate basis to drill oil and natural gas wells globally for major, national and independent oil and gas companies. Vantage also markets, operates and provides management services in respect of third party-owned drilling units. For more information about Vantage, please refer to Vantage’s website, www.vantagedrilling.com.
Source: Vantage Drilling via Global Newswire
