Vantage Drilling, TotalEnergies form new drillship acquisition joint venture

Vantage Drilling International has confirmed the creation of a joint venture (JV) entity with TotalEnergies, TEVA Ship Charter, in line with the MOU terms described in previous announcements.

Subsequent to the completion of the current contract of the drillshipTungsten Explorer in Congo, TEVA will acquire Tungsten Explorer from Vantage subject to customary sale and purchase conditions precedent.

TotalEnergies, Vantage, and TEVA have executed all definitive agreements in support of the drillship acquisition and JV management including a sale and purchase agreement by which TEVA will acquire the drillship and a management agreement pursuant to which Vantage will operate the drillship for a ten-year term with the option to extend for an additional five years.

In February 2024, TotalEnergies and Vantage Drilling International signed a binding agreement to create a new joint venture that will acquire Tungsten Explorer from Vantage. Pursuant to the terms of the agreement, TotalEnergies will pay US$199 million for a 75 per cent interest in the JV owning the drillship, with Vantage owning the remaining 25 per cent.