Tungsten Explorer; Source: Vantage Drilling International

Offshore drilling player considering signing up to Euronext Growth Oslo

Offshore drilling contractor Vantage Drilling International is entertaining the option of starting trading on the Euronext Growth stock exchange market in Oslo, Norway.

Tungsten Explorer; Source: Vantage Drilling International

According to the drilling firm, a listing could increase the liquidity of its shares and facilitate access to capital markets, however, a concurrent equity offering is not currently under consideration. Vantage intends to share additional details if it decides to formally apply for admission to trading.

DNB Markets, a part of DNB Bank, has been engaged as manager and listing advisor, while Schjødt has been hired as Norwegian legal counsel.

Vantage recently inked a deal with TotalEnergies to sell a majority share in its drillship working in Namibia for the French giant. Under the agreement, a new joint venture (JV) was to be created enabling TotalEnergies to buy a 75% interest in the JV owning the Tungsten Explorer drillship for $199 million. The remaining 25% would be retained by the offshore drilling contractor, which would stay on as rig operator for ten years.

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