Total Energies To Pay $199 Million For JV With VantageTotalEnergies (TTE) will pay $199 million for a 75% interest in a joint venture it will form with Vantage Drilling International to acquire Tungsten Explorer drillship from Vantage, the companies said Tuesday.
The joint venture will contract Vantage, which will own a 25% interest, to operate Tungsten Explorer for 10 years, according to the companies.
TotalEnergies said it expects to hedge deep-offshore drilling costs through the joint venture while Vantage said the sale of the rig will deleverage its balance sheet.
The Tungsten Explorer currently operates in Namibia, according to the companies.
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GLTA.