Transocean Ltd. Invests in Exploration of Seabed Minerals to Support the Renewable Energy Supply Chain
March 29 2022 - 6:34AM
Transocean Ltd. (NYSE: RIG) announced today that it has purchased a
minority interest in Ocean Minerals Ltd., a company engaged in the
exploration of seabed resources containing metals critical to the
growing renewable energy market.
Ocean Minerals, through its affiliate, Moana Minerals Limited,
was awarded a license by the Cook Islands Seabed Minerals Authority
last month for exploration of polymetallic nodules within the
application area located in the Cook Islands exclusive economic
zone. Critical minerals, such as cobalt, nickel, copper, manganese,
and rare earth metals found in the nodules are essential for the
production of high-capacity batteries.
Transocean is working with Ocean Minerals on the technology and
services that will be required to collect nodules from the seabed
upon receipt of a production license. The Cook Islands is one of
several offshore locations worldwide with large, accessible
deposits of nodules containing a high content of these critical
minerals. Responsible recovery of the nodules would provide
additional supply required to support growing demand.
“The technical challenges associated with the efficient recovery
of deepsea polymetallic nodules represent an opportunity for
Transocean to leverage our unique offshore expertise in support of
the rapidly emerging energy storage market,” said Chief Executive
Officer Jeremy Thigpen. “We are excited to work alongside
Ocean Minerals to help support efforts to achieve a lower carbon
energy economy and meet the growing global demand for critical
minerals. A mixture of all energy sources will be required to meet
future global energy demands, and our work with Ocean Minerals is
another way for Transocean to continue to provide essential
offshore energy services.” In addition to its investment in Ocean
Minerals, Transocean previously disclosed its commitment to reduce
its greenhouse gas emissions intensity by 40% by 2030 and recently
announced it will be using one of its rigs to drill one well and a
sidetrack for the Northern Lights Carbon Transport and Storage
Project.
About Transocean
Transocean is a leading international provider of offshore
contract drilling services for oil and gas wells. Transocean
specializes in technically demanding sectors of the global offshore
drilling business with a particular focus on deepwater and harsh
environment drilling services, and operates the highest
specification floating offshore drilling fleet in the world.
Transocean owns or has partial ownership interests in and
operates a fleet of 37 mobile offshore drilling units, including 27
ultra-deepwater floaters and 10 harsh environment floaters. In
addition, Transocean is constructing two ultra-deepwater
drillships.
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Analyst Contact:Alison Johnson+1
713-232-7214
Media Contact:Pam Easton+1
713-232-7647
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