TotalEnergies and Vantage Drilling form a joint venture to co-own Tungsten Explorer drillship, with TotalEnergies holding 75% interest and $199M payment.

TotalEnergies and Vantage Drilling International have formed a joint venture to create co-ownership of the Tungsten Explorer drillship. TotalEnergies has a 75% interest and will pay $199 million, while Vantage owns the remining 25% and is responsible for operating it for 10 years. This collaboration allows TotalEnergies to hedge deep-offshore drilling costs and gain flexibility. The acquisition supports TotalEnergies' reduction of methane emissions, aligning with the company's commitment to decrease emissions by 50% by 2024 and 80% by 2030.

February 06, 2024
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