HOUSTON, May 29, 2026 — Baker Botts L.L.P., a leading international energy, technology, and life sciences law firm, represented 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 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 subsidiary of Eldorado, will merge with and into Vantage, with Vantage surviving as a wholly owned subsidiary of Eldorado. At closing, each outstanding ordinary share of Vantage, other than any share owned by Vantage, Eldorado, or their respective subsidiaries or shares with respect to which dissenters’ rights have been validly perfected, will be canceled and converted into the right to receive $19.00 per share in cash. The merger is expected to close by July 31, 2026, subject to the satisfaction or waiver of customary closing conditions, including shareholder approvals.

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 ("New Eldorado"), will assume substantially all of Eldorado’s assets and liabilities. Subject to shareholder approval, Eldorado will distribute its shares in New Eldorado to existing shareholders, and New Eldorado will become the group’s new parent.

The merger will be financed with approximately $125 million of new equity and approximately $425 million of new debt. The equity financing will consist of a private placement of new ordinary shares in New Eldorado, including $64.5 million of new cash equity supported by certain Eldorado shareholders and $60.5 million from the conversion of an existing convertible shareholder note. The debt financing will consist of a new senior secured bond issue by a wholly owned subsidiary of New Eldorado.

The net proceeds will be applied toward financing the cash consideration payable in connection with the merger, for general corporate purposes and to refinance existing indebtedness.

Baker Botts Lawyers/Offices Involved:

Corporate (U.S.): Clay Brett (Partner, Houston); Jim Marshall (Partner, Houston); Nikolai Gryzunov (Senior Associate, New York); Talha Chaudhry (Associate, Houston); Will Hoffman (Associate, Houston)

Corporate (London): Sian Williams (Partner, London); Nadine Amr (Partner, London); Nonku Zondo (Associate, London); Afzaal Abidi (Associate, London); Alexander Lee (Associate, Houston); Jennifer O’Donoghue (Associate, London)

Corporate (Dubai): Haitham Hawashin (Partner, Dubai); Mark Bisch (Partner, Dubai); Adam Ismail (Associate, Dubai); Eamon Gallagher (Associate, Dubai)

Project Finance: Veronica Relea (Partner, New York)

Tax: Jon Lobb (Partner, Houston); Jared Meier (Senior Associate, Houston)

Antitrust and Competition: David Cardwell (Partner, Brussels); Ciara Barbu-O'Connor (Senior Associate, Brussels)

Executive Compensation and Benefits: Ron Aizen (Partner, New York); Alira Thomas (Associate, Dallas)

International Trade: Paul Luther (Partner, Washington, D.C.); Alexander Reinert (Associate, Washington, D.C.)

Intellectual Property: Neil Coulson (Partner, London)

White Collar Defense and Corporate Investigations: Kyle Clark (Partner, Washington, D.C.)

Environmental: Elizabeth Singleton (Special Counsel, Houston)

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