On 29 May 2026, Vantage Drilling International and Eldorado Drilling signed a merger agreement under which Eldorado will acquire Vantage, making it a wholly owned subsidiary. As part of the transaction, Vantage
On 29 May 2026, Vantage Drilling International and Eldorado Drilling signed a merger agreement under which Eldorado will acquire Vantage, making it a wholly owned subsidiary. As part of the transaction, Vantage shareholders will receive $19 per share in cash, valuing the company at approximately $257.6 million. The combined entity will continue to operate under the name Vantage Drilling International.
Post-transaction, the company’s fleet will comprise four drillships - including a 25% stake in Tungsten Explorer and the pending acquisition of Deep Value Driller - alongside two managed jackups that are owned by ADES. While modest in scale, the merger reflects a continued strategic push toward consolidation and scale-building in the offshore drilling rig sector.
Positioning in a Consolidating Market
This deal is the latest in a series of M&A moves reshaping the offshore drilling landscape. Over the past five years, consolidation has accelerated as drilling contractors seek scale, efficiency, and stronger market positioning.
Notable transactions include:
- Noble Corporation’s acquisitions of Pacific Drilling, Maersk Drilling and Diamond Offshore, that completed in April 2021, October 2022 and September 2024, respectively. This was followed by the divestment of five non-core jackups to Borr Drilling in 2026 and one to Ocean Oilfield
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