Joint Venture Formed between Vantage Drilling and TotalEnergies
Offshore drilling contractor Vantage Drilling has announced the creation of a joint venture entity with French energy major TotalEnergies, which will now own the Tungsten Explorer drillship.
The joint venture, named TEVA Ship Charter, stems from a memorandum of understanding signed between the two companies in February 2024.
As per the agreement, TotalEnergies has acquired a 75% interest in the JV that owns the 2013-built rig by paying $199 million, while Vantage retains the remaining 25%. The JV has also contracted Vantage to operate the Tungsten Explorer for a period of 10 years, with the option to extend for an additional five years.
Upon the completion of the current rig contract in Congo, TEVA will take ownership of the drillship from Vantage.
All definitive agreements, including a sale and purchase agreement for the rig acquisition and JV management, have been executed by TotalEnergies, Vantage, and TEVA.
Commenting on the development, Ihab Toma, CEO of Vantage Drilling, stated, “The creation of TEVA and the execution of all definitive agreements reinforce our shared commitment to value creation through collaboration and creative business models in offshore drilling.”