Dell R610 goes to blinking cursor on black screen after "Initializing Remote Access Controller....."

SR# <removed>

 Dell R610 goes through normal post - then displays "Initiating Remote Access Controller.......". Then goes to a blank black screen with a blinking cursor at the bottom. Sometimes vertical white lines will appear on the screen after a while.

I have rebooted multiple times with same result.

Have pressed "F2" to access server setup and the screen displays "Entering server setup" but again goes to the black screen with cursor after "initiating remote access controller.....".