Bermuda-based offshore drilling contractor Vantage Drilling International has completed the sale of its deepwater drillship Tungsten Explorer to TEVA Ship Charter. This joint venture is 25% owned by Vantage and 75% owned by TotalEnergies, strengthening the collaboration between the two companies in the offshore sector.
The sale of the Tungsten Explorer
As part of the agreement, Vantage Drilling will continue to operate and manage the Tungsten Explorer for an initial ten-year period, with an option to extend for an additional five years. Such extended management ensures continuity of services and strengthens the company’s position in ultra-deepwater oil and gas drilling.
Chief Executive Officer Ihab Toma noted that this transaction enhances the relationship with TotalEnergiesby combining technical capabilities and experience in offshore projects. With this contract, Vantage Drilling consolidates its portfolio of services and strengthens its role as a reference operator for international and national oil majors.
The transaction underscores the trend of optimizing assets through joint ventures that maximize operating efficiency. The high demand for specialized drilling unitsIn view of the high demand for specialized drilling units, agreements such as this one represent a way to maintain competitiveness and stability in the offshore exploration industry.
Source and photo: Vantage Drilling
