French operator TotalEnergies and offshore contract driller Vantage Drilling have formally established TEVA Ship Charter—a joint venture that will acquire sixth-generation drillship Tungsten Explorer. TEVA will purchase the rig from Vantage after its current contract in Congo concludes.
The formation of TEVA follows a binding agreement signed by TotalEnergies and Vantage in February 2024 to buy the rig.
TotalEnergies paid $199 million for its 75% interest in the joint venture. Vantage retains the remaining 25%. The Tungsten Explorer will be managed by Vantage for 10 years, with an option to extend for a further 5.
“We are proud to partner with TotalEnergies in this joint venture, marking a significant milestone for both companies,” said Vantage Drilling Chief Executive Ihab Toma. “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.”
Built in 2013, the Tungsten Explorer boasts a power capacity of 42 MW, thrust capacity of 33 MW. The rig can operate in a wide range of meteorological conditions and has a proven track record of safe drilling operations worldwide. 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 updated managed pressure drilling equipment, the drillship meets TotalEnergies’ envisaged future global needs, according to the operator.
“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 chief executive of TotalEnergies at the time the binding agreement was signed. “Through this innovative partnership, TotalEnergies will be able to hedge deep-offshore drilling costs: the joint venture will provide us with both value and flexibility.”
TotalEnergies has several exploration targets in its sights off the West African coast. Earlier this month, the operator exercised the option to extend its contract for Odfjell semisubmersible Deepsea Mira by 65 days. The rig has been operating off Namibia. TotalEnergies has had the rig under contract since December 2022.
Last November, it was revealed that the operator had plans to drill as many as seven exploration wells in the southern part of its Deep Water Orange Basin block off the west coast of South Africa.
