Vantage Drilling International Ltd. Announces Creation of Totalenergies and Vantage Joint Venture Entity

02 Jan 2025 12:34 CET

Dubai, Jan. 02, 2025 (GLOBE NEWSWIRE) -- Vantage Drilling International Ltd.
(the "Company") announces the creation of the JV entity with TotalEnergies, TEVA
Ship Charter LLC ("TEVA") 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.

Ihab Toma, CEO of Vantage Drilling, commented: "We are proud to partner with
TotalEnergies in this joint venture, marking a significant milestone for both
companies. 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."

About the Company

Vantage Drilling International Ltd., a Bermuda exempted company, is an offshore
drilling contractor. Vantage Drilling's primary business is to contract drilling
units, related equipment and work crews primarily on a dayrate basis to drill
oil and natural gas wells globally for major, national and independent oil and
gas companies. Vantage Drilling also markets, operates and provides management
services in respect of drilling units owned by others. For more information
about the Company, please refer to the Company's website,
www.vantagedrilling.com

This information is subject to the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act.

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