Transocean Limited Invests In Seabed Mineral Exploration To Support The Renewable Energy Supply Chain

Transocean has purchased a minority interest in Ocean Minerals Ltd. Critical minerals, such as cobalt, nickel, copper, manganese, and rare earth metals found in nodules are essential for the production of high-capacity batteries. Responsible recovery of the nodules would provide additional supply required to support growing demand.

Today, Transocean Ltd. announced that it has acquired a minority stake in Ocean Minerals Ltd., a company engaged in the exploration of seabed resources containing metals essential to the expanding renewable energy market.

Last month, the Cook Islands Seabed Minerals Authority granted Ocean Minerals, through its subsidiary Moana Minerals Limited, a license for exploration of polymetallic nodules within the application area located within the Cook Islands exclusive economic zone. Cobalt, nickel, copper, manganese, and rare earth metals are essential for the production of high-capacity batteries and can be found in the nodules.

Transocean and Ocean Minerals are collaborating on the technology and services required to collect nodules from the seafloor, should a production license be granted. The Cook Islands are one of several offshore locations in the world with large, easily accessible deposits of nodules rich in these essential minerals. Recovery of the nodules in a responsible manner would provide the additional supply required to meet rising 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 disclosed its commitment to reduce its greenhouse gas emissions intensity by 40% by 2030 and recently announced that one of its rigs will be used to drill one well and a sidetrack for the Northern Lights Carbon Transport and Storage Project.

Source: Transocean news