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