Appleby Advises Eldorado Drilling on $257.6 Million Acquisition of Vantage Drilling International Ltd.
Appleby is acting as Bermuda and Cayman Islands counsel to Eldorado Drilling AS (“Eldorado”), a Norwegian independent drilling contractor, in its $257.6 million all-cash acquisition of Vantage Drilling International Ltd. (“Vantage”), a Bermuda incorporated offshore drilling contractor publicly traded on the Euronext Growth Oslo and U.S. OTC markets.
Under the merger terms, Eldorado Drilling Merger Sub Limited, a wholly owned Bermuda subsidiary of Eldorado, will merge with and into Vantage, with Vantage surviving as a wholly owned subsidiary of Eldorado.
The merger will be financed with approximately $125 million of new equity and approximately $425 million of new debt. In connection with the transaction, Eldorado will undertake a reorganization under which Eldorado Drilling Limited, a newly formed Cayman Islands exempted company and wholly owned subsidiary of Eldorado, will assume substantially all of Eldorado’s assets and liabilities.
The matter is led by Bermuda Partner David Clark and Cayman Partner Simon Raftopoulos, with support from Counsel Jane Walker and Senior Associate Hailee Forde in Bermuda, and Counsel Vance Power, Senior Associate Darryl Jago and Associate Jared Awe in the Cayman Islands.
