Transocean Ltd. (RIG)

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Transocean Ltd. Invests in Exploration of Seabed Minerals to Support the Renewable Energy Supply Chain

6:34 AM ET, 03/29/2022 - GlobeNewswire

STEINHAUSEN, Switzerland, March 29, 2022 (GLOBE NEWSWIRE) -- 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.