TotalEnergies and drilling contractor Vantage Drilling have officially launched a new joint venture (JV), TEVA Ship Charter, to acquire drilling assets and provide exploration services.
TotalEnergies holds a 75% stake in TEVA Ship Charter, while Vantage owns 25% as part of a $199 million JV-formation deal signed by the two companies in February 2024.
TEVA Ship Charter will acquire the Tungsten Explorer drillship from Vantage Drilling, with the option to operate the rig for a period of 10 years, extendable for an additional five years. The Tungsten Explorer is currently providing drilling services in the Republic of Congo.
“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,” stated Ihab Toma, CEO of Vantage Drilling.
