What Eldorado Drilling does

Eldorado Drilling is a private, Norway-incorporated independent offshore drilling contractor founded in 2022, providing ultra-deepwater contract drilling services to international and national oil and gas companies. The company owns and operates a fleet of three 7th generation ultra-deepwater drillships (Dorado, Draco, and Zonda), each rated for water depths up to 12,000 ft and drilling depths up to 40,000 ft, built on the Samsung 96K design. The Atlantic Zonda was delivered from the shipyard on 28 February 2024 and forms the modern core of the fleet.

The company's revenue model is centered on long-term, quote-based drilling service contracts negotiated directly with enterprise oil and gas clients; pricing is custom and not publicly disclosed. Eldorado operates a direct enterprise field-sales motion with no intermediary channels, supported by offices in Oslo, Norway (Håkon VIIs gate 1) and St. Julians, Malta (Dragonara Business Centre). Senior leadership is led by CEO Neil Hall, a 27-year offshore drilling veteran and former Senior Vice President of Worldwide Operations at Diamond Offshore, alongside CFO Victor Dietrichson Correia, who previously served in EY's audit division working with large publicly listed energy companies.

In June 2026, Eldorado closed an approximately USD 560.5 million financing package, comprising a USD 425 million senior secured bond at a 9.125% coupon and a USD 135.5 million equity private placement, to fund the acquisition of Vantage Drilling International Limited and the refinancing of the Atlantic Zonda's existing secured debt. The group structure comprises operating entity Eldorado Drilling AS (Norway, organisation number 929 315 235), intermediate parent Eldorado Drilling Limited, and financing subsidiary Eldorado Drilling BondCo Limited.

Name

Eldorado Drilling

Legal name

Eldorado Drilling AS

Website

https://eldoradodrilling.no

Company type

Private

Founded year

2022

Operating status

Operating

Short description

Eldorado Drilling is a Norway-based independent ultra-deepwater drilling contractor operating three 7th-generation drillships for international oil and gas clients. It serves IOC and NOC customers through long-term contract drilling services across global offshore basins.

Ownership category

akta.pro rank

Product category

Offshore Drilling Services

NAICS

Drilling Oil and Gas Wells (213111), Support Activities for Mining (2131)

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

Offshore E&P (Shallow/Deepwater, Subsea Production Systems) (EUALAAAI), OFS Engineering, Construction & O&M (Field Development, Brownfield, Maintenance) (EUALABAM), Drillship & Semi-submersible Rig Hull Construction (IMAJACAB)

Keywords

• Ultra-deepwater drilling
• Offshore drilling services
• Drillship operations
• Deepwater exploration drilling
• Offshore drilling contractor

Headquarters

HQ city

Oslo

HQ country

Norway

HQ region

Europe

Offices2 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Personnel, Infrastructure, Technology or R&D, Supply Chain

Revenue model

1. Drilling Contract Services: Eldorado Drilling generates revenue through providing ultra-deepwater drilling services to oil and gas companies via long-term contracts. The company owns and operates a fleet of 7th generation drillships, providing contract drilling services for offshore exploration and production operations.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels1 record

Core offering

Eldorado Drilling is a privately held offshore drilling contractor that provides ultra-deepwater contract drilling services to oil and gas companies worldwide. The company owns and operates a fleet of three 7th-generation drillships (Dorado, Draco, and Atlantic Zonda) built to the Samsung 96K 1200 design, capable of operating in 12,000 feet of water and drilling to 40,000 feet. Services are delivered under long-term day-rate contracts with international and national oil companies.

Product overview

Eldorado Drilling operates as an independent drilling contractor with a fleet of three 7th generation ultra deepwater drillships: Zonda, Dorado, and Draco. All three vessels are capable of drilling in water depths up to 12,000 ft and drilling depths up to 40,000 ft. The company serves clients with a strong commitment to safety and efficiency, providing deepwater offshore drilling services to the oil and gas industry.

Differentiator

Problem solved

Functional benefit

Brands

• Dorado Ultra Deepwater: A high-spec 7th generation ultra-deepwater drillship where engineering integrates with cutting-edge technology for optimal drilling operations.
• Draco Ultra Deepwater
• Zonda Ultra Deepwater

Products and services

• Drillship Dorado
• Drillship Draco Samsung 96K 1200 design ultra-deepwater drillship providing contract drilling services to oil and gas operators; rated for 12,000 ft water depth and 40,000 ft drilling depth; built in 2017.
• Drillship Atlantic Zonda Samsung 96K 1200 design ultra-deepwater drillship providing contract drilling services to oil and gas operators; rated for 12,000 ft water depth and 40,000 ft drilling depth; delivered on February 28, 2024.

Quantifiable outcome

• Water depth capability: 12,000 ft
• +1 more outcomes

Segments1 record

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

One partnership is on record.

• Vantage Drilling International LimitedflagshipStrategic or Co-development Partner · 8 June 2026Target of acquisition by Eldorado Drilling using proceeds from the bond issue and equity private placement. The acquisition expands Eldorado's fleet and market presence in the deepwater drilling sector.

Scale indicators4 records

Recent moves7 records

Expansion highlights5 records

Direct peers

• Diamond Offshore Drilling, Inc. Ultra-deepwater drilling contractor with a fleet of drillships and semisubmersibles. Eldorado's CEO Neil Hall previously served as SVP of Worldwide Operations here, indicating direct industry overlap.
• Vantage Drilling International: Offshore drilling contractor that Eldorado is in the process of acquiring. Operates a fleet of ultra-deepwater drillships; the combination creates an enlarged direct peer to the major contractors.
• Valaris Limited: Major offshore drilling contractor with a diverse fleet including ultra-deepwater drillships and jackups. Competes directly with Eldorado for ultra-deepwater tenders and serves similar IOC/NOC client base.
• Seadrill Limited: Specialized ultra-deepwater drilling contractor with a fleet of high-spec drillships and semisubmersibles. Directly comparable business model focused on premium-spec deepwater assets.
• Noble Corporation plc: Leading offshore drilling contractor with a modern fleet of ultra-deepwater drillships and jackups. Competes head-to-head with Eldorado for high-spec deepwater contracts globally.
• Stena Drilling: Privately held ultra-deepwater drilling contractor with high-spec drillships and semisubmersibles. Competes for the same tier-one ultra-deepwater tenders as Eldorado.
• Transocean Ltd. The world's largest offshore drilling contractor, operating the largest fleet of ultra-deepwater drillships including multiple 7th generation vessels. Directly comparable to Eldorado in targeting IOC/NOC deepwater contracts with high-spec drillships.

Broad incumbents

• Shelf Drilling, Ltd. Largest contractor in the shallow-water jackup segment. While focused on shallower waters, competes in the same offshore drilling services market with similar IOC/NOC clients.
• Saipem S.p.A. Integrated oilfield services and offshore engineering company that operates a drilling fleet alongside EPCI services. Competes with Eldorado for offshore drilling contracts and is a participant in the deepwater services ecosystem.
• Borr Drilling Limited: Major offshore drilling contractor focused primarily on jackup rigs rather than ultra-deepwater drillships. Operates in the broader offshore drilling space with overlapping customer base.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat3 records

Key risks6 records

Key highlights6 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Profiles2 records

Subsidiaries1 record

Funding overview

Funding rounds

Investors

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

M&A1 record

Investments

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

Frequently asked questions about Eldorado Drilling