Lagos — Vantage Drilling announced the creation of TEVA Ship Charter LLC (TEVA), a new JV entity with TotalEnergies, in line with the MOU terms described in previous announcements.
Subsequent to the completion of the current Tungsten Explorer contract in Congo, TEVA will acquire the Tungsten Explorer from Vantage subject to customary sale and purchase conditions precedent.
TotalEnergies, Vantage and TEVA have executed all definitive agreements in support of the rig acquisition and joint venture management including a sale and purchase agreement by which TEVA will acquire the rig and a management agreement pursuant to which Vantage will operate the Tungsten Explorer for a ten-year term with the option to extend for an additional five years.
“We are proud to partner with TotalEnergies in this joint venture, marking a significant milestone for both companies,” said Ihab Toma, CEO of Vantage Drilling. “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. We look forward to leveraging our expertise to ensure the long-term success of this partnership.”
