As a result of the acquisition, Vantage will survive as an indirect subsidiary of Eldorado. Vantage will delist its ordinary shares from the Oslo stock exchange as promptly as practicable.

The combination brings together Eldorado’s Atlantic Zonda rig with Vantage’s four rigs – the Platinum Explorer and Tungsten Explorer drillships, as well as the Topaz Driller and Soehanah jackups.

According to a statement from Vantage, the combination is expected to broaden commercial opportunities across multiple regions.

“By uniting Eldorado’s commercial strength with Vantage’s proven operating capabilities, we are now positioned to compete for a wider set of opportunities and deliver for customers with greater scale and resilience,” said Bernie Wolford, chairman of Eldorado.

The Vantage buy brings a global footprint, a history of operating high-specification deepwater and jackup assets, and multi-year operating and management agreements, supporting a more balanced opportunity set and revenue diversification for the combined platform.

Vantage shareholders will receive $19 per share in cash, representing an equity value of approximately $257.6m. Some $125m of equity committed by Eldorado’s principal shareholder will fund the transaction, including $64.5m in cash equity and $60.5 in shareholder note conversion.