Shareholders of Vantage Drilling International have approved the Bermudian-based offshore drilling contractor ’s proposed $257.6 million merger with Eldorado Drilling AS, clearing a major hurdle for a transaction first announced last month.

The special general meeting was held in Hamilton yesterday, where investors approved all resolutions relating to the deal with the Norwegian drilling company. The merger remains subject to customary closing conditions before completion.

The transaction was announced on May 29 and will see Vantage become a wholly owned subsidiary of Eldorado while keeping its existing name. Shareholders are to receive $19 a share in cash under the deal, which values the company at approximately $257.6 million.

The acquisition is expected to close in the third quarter of 2026. Eldorado’s principal shareholder has committed $125 million in equity funding to support the deal.

Ihab Toma, Vantage chief executive, said the combination would strengthen the company’s ability to invest in its workforce and drilling assets.