A strategic partnership to optimize deep-offshore drilling

  • TotalEnergies and Vantage Drilling form joint venture for exploration ship
  • TotalEnergies to pay $199 million for 75% interest in the venture
  • Vantage will own remaining 25% and operate the ship for 10 years
  • TotalEnergies aims to hedge deep-offshore drilling costs through the partnership
  • Ship has been used by TotalEnergies for well development in Namibia, Cyprus, and Congo

TotalEnergies and Vantage Drilling International have announced a joint venture that will result in co-ownership of an oil-exploration ship. Under the agreement, TotalEnergies will pay $199 million for a 75% interest in the venture, while Vantage will own the remaining 25% and operate the ship for the next 10 years. This innovative partnership will allow TotalEnergies to hedge deep-offshore drilling costs, providing both value and flexibility. The ship, known as the Tungsten Explorer, has already been utilized by TotalEnergies for well development in Namibia, Cyprus, and Congo.

Public Companies: TotalEnergies (N/A), Vantage Drilling International (N/A)
Private Companies:
Key People:

Factuality Level: 8
Justification: The article provides factual information about the joint venture between TotalEnergies and Vantage Drilling International, including the ownership percentages and the operation of the ship. It also mentions the purpose of the partnership and the locations where the ship has been used. There are no obvious digressions, misleading information, sensationalism, redundancy, or opinion masquerading as fact in the article.

Noise Level: 7
Justification: The article provides information about a joint venture between TotalEnergies and Vantage Drilling International for co-ownership of an oil-exploration ship. It mentions the financial details and the operational arrangement. However, it lacks analysis of long-term trends, antifragility, accountability, scientific rigor, and actionable insights. The article stays on topic and provides some evidence of TotalEnergies’ use of the ship in various locations.

Financial Relevance: Yes
Financial Markets Impacted: Oil and energy markets, TotalEnergies, Vantage Drilling International

Presence of Extreme Event: No
Nature of Extreme Event: No
Impact Rating of the Extreme Event: No
Justification: The article pertains to financial topics as it discusses a joint venture between TotalEnergies and Vantage Drilling International in the oil-exploration sector. However, there is no mention of any extreme event or its impact.

Reported publicly: www.marketwatch.com