TotalEnergies and Vantage Enter into a 75/25 JV for the Tungsten Explorer Drillship

TotalEnergies and Vantage Enter into a 75/25 JV for the Tungsten Explorer Drillship
Tungsten Drillship. (Image credit: Vantage Drilling)

TotalEnergies and Vantage Drilling International have signed a binding agreement to create a new joint venture (JV) that will acquire from Vantage the Tungsten Explorer drillship. Pursuant to the terms of the agreement, TotalEnergies will pay $199 million for a 75% interest in the JV owning the rig, with Vantage owning the remaining 25%. Leveraging on Vantage’s deep offshore drilling experience and longstanding collaboration with TotalEnergies, the JV will contract Vantage to operate the Tungsten Explorer for 10 years.

“TotalEnergies is pleased to enter into this agreement with Vantage to take shared ownership of a drillship, the Tungsten Explorer, which we already used in exploration and development activities in Namibia, Cyprus and Congo. Through this innovative partnership, TotalEnergies will be able to hedge deep-offshore drilling costs: the JV will provide us with both value and flexibility. We look forward to continuing our journey together with the experienced Vantage team that will continue to oversee the rig’s operations,” said Patrick Pouyanné, Chairman and CEO of TotalEnergies.

Commenting on the joint venture, Ihab Toma. Chief Executive Officer of Vantage Drilling International stated, “This is a transformative event for the Company. This joint venture underscores TotalEnergies' confidence in

Vantage, and our client's belief in the value of collaborating with a flexible and efficient drilling contractor. We very much look forward to strengthening our longstanding and mutually beneficial relationship with our esteemed client, TotalEnergies.”

Mr. Toma continued, “The proceeds from the sale of the Tungsten Explorer will completely deleverage our balance sheet while putting in place a meaningful, long-term revenue stream leveraging our strong management expertise.”


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