Shareholders of Vantage Drilling International Ltd will meet in Hamilton this month to vote on a proposed acquisition of the Bermudian-based offshore drilling contractor by a Norwegian company, Eldorado Drilling AS.

The special general meeting is scheduled for June 18 at the offices of Conyers on Par-la-Ville Road.

The meeting follows the announcement last week that Vantage had entered into a merger agreement under which Eldorado will acquire the company through a Bermuda-law statutory merger. Under the deal, Vantage shareholders would receive $19 per share in cash, valuing the company at about $257.6 million.

The transaction has been unanimously approved by Vantage’s board of directors, which has recommended that shareholders vote in favour of the merger. A fairness opinion from Clarksons Securities AS concluded that the offer is fair from a financial perspective to shareholders.

If approved, Eldorado’s Bermudian subsidiary, Eldorado Drilling Merger Sub Ltd, will merge into Vantage, with Vantage surviving as a wholly-owned subsidiary of the Norwegian parent while retaining its existing name.

The acquisition is expected to close in the third quarter of 2026, subject to shareholder approval and other customary conditions. Eldorado’s principal shareholder has committed $125 million in equity funding to support the transaction.

Ihab Toma, Vantage chief executive, said the combination would strengthen the company’s ability to invest in its workforce and drilling assets while pursuing new opportunities globally. Bernie Wolford, Eldorado chairman, described the deal as a step towards building a larger and more resilient offshore drilling platform.