Vantage Drilling exits Euronext Growth after Eldorado merger
The combination creates a larger offshore drilling platform backed by Norwegian investors
Vantage Drilling, a Bermuda-based offshore drilling contractor, has stopped trading on Euronext Growth following the completion of its business combination with Eldorado Drilling, an offshore driller backed by a group of Norwegian investors. The tie-up followed the acquisition of Vantage in a cash deal valued at about $257.6m, supported by a $125m equity commitment from Eldorado's principal shareholder.
Under the structure of the deal, an indirect subsidiary of Eldorado merged with and into the Bermuda-based company, with the latter surviving as an indirect subsidiary of the former. The partners said the combination would broaden commercial opportunities across multiple regions and reinforce a shared commitment to safety and operational excellence, describing the result as a scalable offshore drilling platform with enhanced capabilities.
Shares in the company were removed from trading on Euronext Growth in the middle of July, with the final day of admission to trading the day before.
