TotalEnergies and Vantage Enter Into a 75/25 Joint Venture Owning the Tungsten Explorer Drillship
07 February 2024 - 3:01AM
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TotalEnergies (Paris:TTE) (LSE:TTE) (NYSE:TTE) and Vantage
Drilling International have signed a binding agreement to create a
new joint venture (JV) that will acquire from Vantage the Tungsten
Explorer drillship. Pursuant to the terms of the agreement,
TotalEnergies will pay $199 million for a 75% interest in the JV
owning the rig, with Vantage owning the remaining 25%. Leveraging
on Vantage’s deep offshore drilling experience and longstanding
collaboration with TotalEnergies, the JV will contract Vantage to
operate the Tungsten Explorer for 10 years.
“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. Through this innovative
partnership, TotalEnergies will be able to hedge deep-offshore
drilling costs: the JV will provide us with both value and
flexibility. We look forward to continuing our journey together
with the experienced Vantage team that will continue to oversee the
rig’s operations”, said Patrick Pouyanné, Chairman and CEO of
TotalEnergies.
Commenting on the joint venture, Ihab Toma. Chief Executive
Officer of Vantage Drilling International stated, “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. We very much look forward to strengthening our
longstanding and mutually beneficial relationship with our esteemed
client, TotalEnergies.
Mr. Toma continued, “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.”
The Tungsten Explorer, a renowned offshore drillship
Built in 2013, the Tungsten Explorer is designed for deep
offshore drilling. With a power capacity of 42MW, thrust capacity
of 33MW, the rig can operate in a wide range of meteorological
conditions and has a proven track record of safe drilling
operations worldwide. Currently operating in Namibia on the
Mangetti-1X well, the Tungsten Explorer is using Excellium
additives, a premium fuel developed by TotalEnergies to optimize
consumption and reduce emissions - a first for TotalEnergies. With
its hookload 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.
***
About TotalEnergies TotalEnergies is a global
multi-energy company that produces and markets energies: oil and
biofuels, natural gas and green gases, renewables and electricity.
Our more than 100,000 employees are committed to energy that is
ever more affordable, more sustainable, more reliable and
accessible to as many people as possible. Active in nearly 130
countries, TotalEnergies puts sustainable development in all its
dimensions at the heart of its projects and operations to
contribute to the well-being of people.
About Vantage Drilling Vantage Drilling International is
an offshore drilling contractor, with a fleet of two
ultra-deepwater drillships, and two premium jackup drilling rigs.
Vantage's primary business is to contract drilling units, related
equipment and work crews primarily on a dayrate basis to drill oil
and natural gas wells globally for major, national and independent
oil and gas companies. Vantage also markets, operates and provides
management services in respect of, drilling units owned by others.
www.vantagedrilling.com
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Cautionary Note TotalEnergies The terms “TotalEnergies”,
“TotalEnergies company” or “Company” in this document are used to
designate TotalEnergies SE and the consolidated entities that are
directly or indirectly controlled by TotalEnergies SE. Likewise,
the words “we”, “us” and “our” may also be used to refer to these
entities or to their employees. The entities in which TotalEnergies
SE directly or indirectly owns a shareholding are separate legal
entities. This document may contain forward-looking information and
statements that are based on a number of economic data and
assumptions made in a given economic, competitive and regulatory
environment. They may prove to be inaccurate in the future and are
subject to a number of risk factors. Neither TotalEnergies SE nor
any of its subsidiaries assumes any obligation to update publicly
any forward-looking information or statement, objectives or trends
contained in this document whether as a result of new information,
future events or otherwise. Information concerning risk factors,
that may affect TotalEnergies’ financial results or activities is
provided in the most recent Universal Registration Document, the
French-language version of which is filed by TotalEnergies SE with
the French securities regulator Autorité des Marchés Financiers
(AMF), and in the Form 20-F filed with the United States Securities
and Exchange Commission (SEC).
Cautionary Note Vantage The information above includes
forward-looking statements within the meaning of the Securities Act
of 1933 and the Securities Exchange Act of 1934. These
forward-looking statements are subject to certain risks,
uncertainties and assumptions identified above or as disclosed from
time to time in the company's filings that it may be required to
make, or may otherwise voluntarily make, with the Securities and
Exchange Commission. As a result of these factors, actual results
may differ materially from those indicated or implied by such
forward-looking statements. Vantage disclaims any intention or
obligation to update publicly or revise such statements, whether as
a result of new information, future events or otherwise.
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