Path clears for Vantage Drilling-Eldorado merger with end in sight

June 26, 2026, by Melisa Cavcic

Vantage Drilling, a Bermuda-exempt offshore drilling contractor, has confirmed that its proposed business combination with Eldorado Drilling, an offshore drilling player backed by a group of well-known Norwegian investors, is poised to be wrapped up soon.

Platinum Explorer drillship; Source: Vantage Drilling

Following Eldorado’s move to acquire Vantage Drilling in a $257.6 million cash deal, backed by a $125 million equity commitment from its principal shareholder, the other player disclosed the results of a special general meeting (SGM) held on June 18, 2026, where the shareholders gave the go-ahead for the proposed merger.

Vantage Drilling has now revealed that all conditions for completion of the merger are expected to be satisfied as of 1:00 PM ET on June 26, 2026, subject to continued satisfaction of customary closing conditions by that time.

Upon completion, a wholly owned subsidiary of Eldorado Drilling will merge with and into the Bermuda-exempt firm, which will survive as a wholly owned subsidiary of Eldorado. Vantage’s shareholders will receive cash consideration amounting to $19 per share.

The firm will request that the Oslo Stock Exchange suspend trading in its shares with effect from and including June 29, 2026, to facilitate an orderly settlement of consideration payment.

The merger will strengthen the combined company’s drilling capabilities, customer relationships, and investment capacity.