Vantage Drilling International

What Vantage Drilling International does

Vantage Drilling International Ltd. was a Bermuda-exempted offshore drilling contractor founded in 2007, operating and managing a fleet of modern, high-specification drilling rigs on a worldwide dayrate basis. The company historically owned ultra-deepwater drillships (Platinum Explorer, capable of operating in 12,000 ft water depth and drilling to 40,000 ft; Tungsten Explorer, sold to TotalEnergies) and high-spec jackups, and additionally managed third-party rigs including the Soehanah and Topaz Driller. Its corporate footprint spans a Dubai operational headquarters, a Singapore regional office, and a Bermuda registered office, with reporting tied to SEC filings and Schedule K-1 disclosures.

The company served national oil companies and international energy majors — most notably ONGC (a $261 million, 3-year-plus-option binding award for the Platinum Explorer in India, February 2026) and TotalEnergies (a JV partnership involving the Tungsten Explorer in West Africa). Revenue was generated primarily through dayrate-based contract drilling services, supplemented by an asset-light managed services offering that provided marketing, operations, and construction management to other rig owners, allowing utilization of operational expertise without pro-rata capital outlays.

Strategically, Vantage executed a deliberate pivot to an asset-light model beginning around 2024, divesting owned rigs while maintaining a single ultra-deepwater drillship and a managed services portfolio. The company generated Q1 2026 revenue of $47.2 million (up 48% YoY), full-year 2025 net income of $43.3 million, and held $65.3 million in cash as of Q1 2026. In May 2026 the company entered a merger agreement with Norwegian private limited company Eldorado Drilling AS (backed by a $125 million principal-shareholder equity commitment), and on June 26, 2026 Eldorado completed the all-cash acquisition at $257.6 million ($19/share), with Vantage surviving as an indirect wholly owned subsidiary of Eldorado.

Name

Vantage Drilling International

Legal name

Vantage Drilling International Ltd.

Website

https://vantagedrilling.com

Company type

Public

Founded year

2007

Operating status

Acquired

Headcount range

5,001–10,000 employees

Short description

Vantage Drilling International is a Bermuda-domiciled offshore drilling contractor that operated premium ultra-deepwater drillships and jackups on a worldwide dayrate basis, also providing asset-light managed services, primarily serving national oil companies and international energy majors.

Ownership category

akta.pro rank

Product category

Offshore Drilling Services

NAICS

Drilling Oil and Gas Wells (213111), Support Activities for Oil and Gas Operations (213112)

SIC

Drilling Oil & Gas Wells (1381), Oil & Gas Field Services, Nec (1389)

akta.pro primary industry

Drilling & Workover Rigs (Land & Offshore) (EUALABAA)

akta.pro secondary industries

OFS Engineering, Construction & O&M (Field Development, Brownfield, Maintenance) (EUALABAM), Drillship & Semi-submersible Rig Hull Construction (IMAJACAB)

Keywords

• Offshore drilling services
• Contract drilling operations
• Ultra-deepwater drilling
• Rig management services
• Dayrate drilling

Headquarters

HQ city

Houston

HQ country

United States

HQ region

North America

Offices3 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Infrastructure, Supply Chain, Marketing or Sales

Revenue model

1. Contract Drilling Services: Revenue generated from providing offshore drilling units, equipment, and work crews to oil and gas companies on a dayrate basis. The company charges daily rates for the use of its drilling rigs and associated services.
2. Managed Services: Provides marketing, operations and construction management services to other rig owning companies, generating additional revenue without owning additional assets.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels3 records

Core offering

Vantage Drilling International is an offshore drilling contractor that operates and manages a fleet of modern, high-specification drilling rigs on a worldwide basis. The company provides offshore contract drilling services—including ultra-deepwater drillships and jackup rigs—to oil and gas exploration and production companies on a dayrate basis. In addition to operating its own fleet, Vantage provides marketing, operations, and construction management services to other rig-owning companies under an asset-light model.

Product overview

Vantage Drilling International is an offshore drilling contractor that operates and manages a fleet of modern, high specification drilling rigs on a worldwide basis. The company operates one of the most versatile and technically advanced fleets in the offshore drilling industry, consisting of only premium 6th generation ultra deepwater drillships and jackups. Vantage provides offshore contract drilling services to the energy industry around the globe, offering both owned drilling units (Platinum Explorer and Tungsten Explorer drillships) and managed rigs (Soehanah and Topaz Driller). In addition to operating its own fleet, Vantage also provides marketing, operations and construction management services to other rig owning companies.

Differentiator

Problem solved

Functional benefit

Products and services

• Platinum Explorer Drillship Ultra-deepwater drillship capable of operating at 12,000 feet maximum water depth and drilling to 40,000 feet depth. Offered to oil and gas exploration and production companies under long-term dayrate contracts.
• Tungsten Explorer Drillship Deepwater drillship operated by Vantage Drilling, previously part of the company's owned fleet. Was sold to TotalEnergies as part of the company's asset-light strategy.
• Soehanah Managed Jackup Rig Jackup rig managed by Vantage Drilling as part of the company's managed rigs portfolio, operated on behalf of other rig-owning companies.
• Topaz Driller Managed Jackup Rig Jackup rig managed by Vantage Drilling as part of the company's managed rigs portfolio, operated on behalf of other rig-owning companies.
• Managed Services for Rig Owners Provides marketing, operations, and construction management services to other rig-owning companies, generating revenue without capital investment in additional rigs.

Quantifiable outcome

• Q1 2026 revenue of $47.2 million, up 48% year-over-year
• +1 more outcomes

Named customers2 records

Segments1 record

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

AI capability2 records

Feature2 records

Partnerships

One partnership is on record.

• Eldorado Drilling AScoreStrategic or Co-development Partner · 29 May 2026Norwegian private limited company backed by Norwegian investors. Merger agreement dated May 29, 2026 valued at $257.6 million all-cash deal. Eldorado's principal shareholder provided $125 million equity commitment to fund the transaction. Vantage survived as wholly owned subsidiary of Eldorado upon completion on June 26, 2026.

Scale indicators6 records

Recent moves5 records

Expansion highlights4 records

Direct peers

• Transocean: Transocean is the world's largest offshore drilling contractor with the deepest fleet of ultra-deepwater drillships. Directly comparable to Vantage as a contract deepwater drilling operator serving the same IOC and NOC customers.
• Seadrill: Seadrill operates a modern fleet of ultra-deepwater drillships and jackups on dayrate contracts to oil and gas operators. Direct competitor in offshore contract drilling with overlapping customer base and asset class.
• Noble Corporation: Noble Corporation (formed via Noble-Maersk Drilling merger) is a leading offshore drilling contractor with a fleet of drillships and jackups. Directly comparable on fleet composition, customer segments, and dayrate contract model.
• Valaris Limited: Valaris operates one of the largest offshore drilling fleets globally, including ultra-deepwater drillships and jackup rigs. Direct peer providing contract drilling services to the same IOC/NOC customer base.
• Diamond Offshore: Diamond Offshore operates a fleet of ultra-deepwater drillships on worldwide dayrate contracts. Directly comparable in deepwater drilling services, fleet composition, and customer relationships with major oil companies.
• Borr Drilling: Borr Drilling is a pure-play jackup rig operator focused on shallow-water drilling worldwide. Comparable to Vantage's jackup operations (Soehanah, Topaz Driller managed rigs) and same business model of dayrate-based contract drilling.
• Shelf Drilling: Shelf Drilling is one of the largest shallow-water jackup operators, primarily in the Middle East, North Africa, and Southeast Asia. Comparable in jackup drilling operations and customer overlap with NOCs.
• Northern Ocean (Northern Drilling): Northern Ocean/Northern Drilling is a Bermuda-based offshore drilling contractor operating ultra-deepwater semi-submersible rigs. Highly comparable to Vantage in scale, asset class, and Bermuda incorporation, with overlapping management backgrounds.

Emerging players

• Stena Drilling: Stena Drilling is a privately-held offshore drilling contractor operating harsh-environment semis and drillships. Comparable in fleet type and contract drilling model; positioned as a privately-held competitor with comparable operational scale.

Broad incumbents

• Eldorado Drilling AS: Eldorado Drilling AS is the Norwegian company that acquired Vantage Drilling for $257.6M. As the parent and broader holding entity post-merger, it represents the platform in which Vantage operates and competes in offshore contract drilling.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/294724

Revenue estimate

Valuation estimate

Number of profiles

Profiles18 records

Funding overview

Funding rounds1 record

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Vantage Drilling International