Rig acquisition initiated by TotalEnergies-Vantage Drilling venture

Vantage Drilling International Ltd has created a joint venture entity with TotalEnergies called TEVA Ship Charter LLC

The entity have all definitive agreements executed to acquire the Tungsten Explorer rig, which is currently held under contract for operations in Congo. Once completed, a sale and purchase agreement has been put in place to take over the rig, besides a management agreement that allows Vantage its operation for 10 years with the option to extend for an additional five years.

Offshore drilling collaboration

Ihab Toma, CEO of Vantage Drilling, said, “We are proud to partner with TotalEnergies in this joint venture, marking a significant milestone for both companies. 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. We look forward to leveraging our expertise to ensure the long-term success of this partnership.”