Energy Holdings to Combine With Ventura Offshore in $1 Billion Deal
Energy Holdings (ENH.OL) has signed an agreement with Ventura Offshore (VTURA.OL) for a proposed all-share merger valued at approximately $1 billion, creating a combined entity focused on deepwater drilling and energy services. The deal would see Energy Holdings acquire all outstanding shares of Ventura in exchange for 605 million new Energy Holdings shares, giving existing shareholders around 55% ownership post-merger. Ventura will operate as a dedicated division within the expanded group alongside Energy Drilling and SeaBird Exploration. The combined company is expected to have $1.3 billion in contracted revenue backlog, with DNB Bank providing financial support through a $250 million bridge facility and an extended revolving credit agreement. The transaction remains subject to due diligence, regulatory approvals, shareholder consent, and the delisting of Ventura from Oslo Euronext Growth, with completion expected by Q1 2027.
Topics: deepwater_drilling energy oil_and_gas