VANTAGE AND TOTALENERGIES ENTER INTO JV TO ACQUIRE TUNGSTEN EXPLORER
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.
Built in 2013, the Tungsten Explorer is designed for deep offshore drilling. With a power capacity of 42MW, thrust capacity of 33MW, the rig can operate in a wide range of meteorological conditions and has a proven track record of safe drilling operations worldwide. The Tungsten Explorer is currently operating in Namibia on the Mangetti-1X well for TotalEnergies. A 225 days contract with options for extensions was secured in June 2022.
Headquartered in Houston, Vantage Drilling International is an offshore drilling contractor, with a fleet of two ultra-deepwater drillships, and two premium jackup drilling rigs.
(Source: Vantage Drilling – Tungsten Explorer off the cost of Liban in February 2020/Libanews)