Jun 2026
Conyers provided Bermuda law advice to Vantage Drilling International Ltd. (“Vantage”), a Bermuda exempted company on the Euronext Growth Oslo (the “Oslo Market”).
On 26 June 2026, Vantage and Eldorado Drilling AS (“Eldorado”) announced the successful acquisition of Vantage by merger, pursuant to which an indirect subsidiary of Eldorado merged with and into Vantage, with Vantage surviving as an indirect subsidiary of Eldorado Drilling AS (the “Merger”). In connection with the Merger, Eldorado will cause Vantage to apply for its shares to be delisted from the Oslo Market.
The all-cash offer Merger valued Vantage’s equity at approximately US$257.6 million and represents a significant strategic combination in the offshore drilling sector, bringing together Eldorado’s Atlantic Zonda with Vantage’s asset base, strong operating capabilities, global footprint, and proven track record managing high specification drilling assets under long term operating and management arrangements.
Conyers advised on all Bermuda law aspects of the Merger, including the Merger documentation, shareholder meeting and corporate approvals, fiduciary duties in the M&A context, and dissenting rights under Bermuda law, and worked alongside Milbank, as New York counsel, and Advokatfirmaet Thommessen, as Norway counsel.
Director Jennifer Panchaud, Senior Associate Sophia Collis and Associate Celine Collis are advised on this matter.