Vantage Drilling plots Oslo IPO

Offshore drilling contractor Vantage Drilling is considering listing on the stock exchange in Oslo this year.

The Dubai-based firm with offices in Houston and Singapore has hired DNB Markets as manager and listing advisor and Schjødt as Norwegian legal counsel.

Further updates on the process will be provided in due course, the company said.

Established in 2007, Vantage owns a fleet of two jackups and two drillships, while another floater is operated on behalf of Seadrill.

The company reported a net loss of about $2.9m or $0.22 per diluted share at the end of the first quarter of this year and had some $67m in cash.

“A listing may facilitate increased liquidity in the company’s shares and provide improved capital markets access,” Vantage said, adding that it is not currently looking into a concurrent equity offering.