en.Wedoany.com Reported - Shareholders of offshore drilling contractor Vantage Drilling have approved the company's merger with Norway's Eldorado Drilling, a transaction that values Vantage's equity at approximately $258 million.

At a special general meeting held in Bermuda on June 18, shareholders voted in favor of all resolutions related to the merger. Under the agreement announced earlier this month, Eldorado will acquire Vantage by merging with the offshore drilling contractor through its wholly-owned subsidiary.

Upon completion of the transaction, Vantage will become a wholly-owned subsidiary of Eldorado and will continue to operate under the name Vantage Drilling International. The transaction offers Vantage shareholders $19.00 per share in cash, valuing the equity at approximately $257.6 million based on the company's outstanding shares.

The transaction remains subject to customary closing conditions, including regulatory approvals and other requirements outlined in the merger agreement. Both parties aim to complete the transaction by early in the third quarter of 2026. The acquisition is expected to combine Vantage's global offshore drilling operations and customer base with Eldorado's investment platform, creating a large-scale offshore drilling business focused on serving global oil and gas operators.

Eldorado's major shareholders have committed to providing $125 million in equity funding support for the acquisition, including new cash equity and the conversion of existing shareholder loans into equity. Upon completion of the transaction, Vantage plans to apply for the delisting of its shares from Euronext Growth Oslo. Vantage operates offshore drilling rigs globally and provides drilling services to major, national, and independent oil and gas companies.

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