Vantage Drilling, a Bermuda-exempt offshore drilling contractor, has secured its shareholders’ blessing for its proposed business combination with Eldorado Drilling, an offshore drilling player backed by a group of well-known Norwegian investors.
Vantage Drilling has revealed the results of the special general meeting (SGM) held on June 18, 2026, at the law offices of Conyers Dill & Pearman in Bermuda, after Eldorado took steps to acquire Vantage Drilling in a $257.6 million cash deal, backed by a $125 million equity commitment from its principal shareholder.
“All matters proposed in the notice of the SGM were approved, including the proposed merger pursuant to which a wholly owned subsidiary of Eldorado Drilling AS is to merge with and into the company, with the company surviving as a wholly owned subsidiary of Eldorado Drilling AS,” emphasized the Bermuda-exempt firm.
This merger is expected to strengthen drilling capabilities, customer relationships, and investment capacity. However, the business combination’s completion remains subject to certain conditions.
Once it is implemented as a statutory merger under Bermuda law, Vantage will be a wholly owned subsidiary of Eldorado, but the surviving company’s name will remain Vantage Drilling International.