TotalEnergies and Vantage form drilling JV
France
COURBEVOIE, February 7, 2024 – TotalEnergies has agreed with offshore contractor Vantage Drilling International to create a new joint venture that will own the Tungsten Explorer drillship, the French energy giant announced on Tuesday.
Under the deal, TotalEnergies will take a 75% stake in the new entity for USD 199 million, with Vantage Drilling International holding the remaining stake.
Constructed in 2013, Vantage’s Tungsten Explorer has a power capacity of 42 MW, a thrust capacity of 33 MW and a hookload capacity of 2.5 million tonnes.
It also is using TotalEnergies’ premium fuel Excellium as additives – a first for the company. The fuel is expected to optimise consumption and reduce emissions.
The drillship is currently operating in Namibia on the Mangetti-1X well.
“TotalEnergies is pleased to enter into this agreement with Vantage to take shared ownership of a drillship, the Tungsten Explorer, which we already used in exploration and development activities in Namibia, Cyprus and Congo,” said Patrick Pouyanné, chairman and CEO of TotalEnergies.
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