Vantage and Eldorado merger births ‘enhanced’ offshore drilling player

June 29, 2026, by Melisa Cavcic

Vantage Drilling, a Bermuda-exempt offshore drilling contractor, has wrapped up its proposed business combination with Eldorado Drilling, an offshore drilling player backed by a group of well-known Norwegian investors, establishing what it describes as a scalable offshore drilling platform with “enhanced” capabilities.

Atlantic Zonda drillship; Source: Pelago Management

Eldorado Drilling has completed the acquisition of Vantage, which enables its indirect subsidiary to merge with and into the Bermuda-exempt firm, with the latter surviving as an indirect subsidiary of the former. The combination is expected to broaden commercial opportunities across multiple regions and reinforce the shared commitment to safety and operational excellence.

Bernie Wolford, Chairman of Eldorado, commented: “Completion of this transaction marks the start of our next chapter. 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.”

The combination is interpreted to bring together Eldorado’s Atlantic Zonda drillship 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.

Ihab Toma, Chief Executive Officer of Vantage, remarked: “We are proud of what the Vantage team has built and excited about what we will do together with Eldorado. 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.”

The duo 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.

Eldorado owns the seventh-generation Atlantic Zonda drillship, which operates in Brazil under third-party management, and has agreed to acquire the Deep Value Driller drillship through a transaction expected to close in the second half of 2026.