TotalEnergies has agreed to pay US$199 million to co-own the Tungsten Explorer drillship with Vantage Drilling International.
Vantage Drilling International is an offshore drilling contractor with a fleet of two ultra-deepwater drillships and two premium jack-up drilling rigs.
The Tungsten Explorer is operating in the Orange Basin, working on the Mangetti-1X, owned by TotalEnergies, with its partners QatarEnergy and Namcor.
During the second quarter of 2023, the drillship worked on the Venus-1A appraisal well in Block 2913B.
TotalEnergies also used the Tungsten Explorer in exploration and development activities in Cyprus and Congo.
Built-in 2013, the Tungsten Explorer is designed for deep offshore drilling.
With a power capacity of 42MW and a thrust capacity of 33MW, the rig can operate in various meteorological conditions and has a proven track record of safe drilling operations worldwide.
The drillship uses Excellium additives, a premium fuel developed by TotalEnergies, to optimize consumption and reduce emissions.
With its hook load capacity of 2.5 million pounds, offline capabilities, and state-of-the-art Managed Pressure Drilling equipment, this drillship meets TotalEnergies’ envisaged future global needs.
According to the agreement signed Tuesday in Paris, TotalEnergies will have 75% interest while Vantage will remain with 25%.
The JV will contract Vantage to operate the Tungsten Explorer for 10 years.
TotalEnergies CEO Patrick Pouyanné said his company can hedge deep offshore costs through this innovative partnership.
Pouyanné added that the JV will provide TotalEnergies with both value and flexibility.
“We look forward to continuing our journey with the experienced Vantage team that will continue to oversee the rig’s operations,” said Pouyanné.
Vantage Drilling International CEO Ihab Toma said the joint venture underscores TotalEnergies’ confidence in Vantage and its client’s belief in 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,” Toma said.
