Tungsten Explorer

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Vantage Drilling International Announces Contract Award for the Tungsten Explorer

HOUSTON, June 09, 2022 (GLOBE NEWSWIRE) -- Vantage Drilling International (“Vantage” or the “Company”), announced today that one of its subsidiaries entered into a drilling services contract with a subsidiary of TotalEnergies in respect of its ultra-deepwater drillship, the Tungsten Explorer. The contract is for a minimum duration of 225 days with three possible options for extension. The drillship is currently operating in the Mediterranean where it will be drilling up to two wells and from there it is planned to mobilize to West Africa in the third quarter of 2022 at the earliest. Total contract value over the firm term of the contract is approximately $79 million.

Ihab Toma, the Company’s Chief Executive Officer, commented, “We are delighted that the Tungsten Explorer will go back to work for TotalEnergies. This award reflects the confidence our esteemed client has in Vantage’s operational team and Vantage’s track record of delivering safe and reliable operations in West Africa. We look forward to performing up to their expectations, delivering a Perfect Day, Every Day.”

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TotalEnergies and Vantage enter into a 75/25 joint venture owning the Tungsten Explorer drillship

Paris, February 6, 2024 – TotalEnergies 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.