Vantage Drilling created a JV entity with TotalEnergies and TEVA Ship Charter. 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. 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.
