Fossil Energy
Vantage Drilling has entered into a merger agreement under which Norway-based Eldorado Drilling will acquire the offshore drilling contractor in a transaction valuing the company’s equity at approximately $257.6 million.
Under the agreement, Vantage shareholders will receive $19.00 per share in cash. The transaction has been unanimously approved by Vantage’s board of directors, which has recommended that shareholders vote in favor of the deal.
The acquisition will be implemented through a merger of Eldorado Drilling Merger Sub Limited, a wholly owned subsidiary of Eldorado, with Vantage Drilling.
Vantage will survive the merger as a wholly owned subsidiary of Eldorado and retain the name Vantage Drilling International.
Based on 13.56 million shares outstanding, the merger consideration implies an equity value of about $257.6 million before taking account of restricted stock units.
Completion of the transaction remains subject to customary conditions, including shareholder approval, regulatory requirements and other closing conditions outlined in the merger agreement.
A shareholder meeting to vote on the transaction is expected to be held on June 18, 2026, with completion targeted for the beginning of the third quarter of 2026.
