Offshore staff
PARIS, France — TotalEnergies and Vantage Drilling International have agreed to form a new joint venture (JV) that will acquire the deepwater drillship Tungsten Explorer from Vantage.
The vessel has worked recently on TotalEnergies’ deepwater exploration and appraisal drilling campaign in the Orange Basin offshore Namibia and previously on the company’s interest offshore Cyprus and Congo.
TotalEnergies will pay $199 million for a 75% interest in the JV, Vantage owning the remaining 25%. The JV will also contract Vantage to operate the Tungsten Explorer for 10 years.
“Through this innovative partnership, TotalEnergies will be able to hedge deep offshore drilling costs; the JV will provide us with both value and flexibility,” said Patrick Pouyanné, chairman and CEO of TotalEnergies.
Vantage Drilling International CEO Ihab Toma added, “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.
“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.”
Tungsten Explorer, built in 2013, has a power capacity of 42 MW and a thrust capacity of 33 MW, and is designed to operate in a wide range of offshore environments.
It is currently drilling the Mangetti-1X well offshore Namibia, using Excellium additives fuel developed by TotalEnergies to optimize consumption and reduce emissions.
The vessel also has a hookload capacity of 2.5 million pounds, offline capabilities and managed pressure drilling equipment.
02.06.2024
