Transocean Ltd and Eneti Inc. have announced their intention to form a joint venture that will engage in offshore wind foundation installation activities. The joint venture will combine the experience of both companies across their respective core businesses providing offshore services.
According to a non-binding memorandum of understanding (MoU) signed by their respective subsidiary companies, the joint venture will benefit from Transocean's vast experience in operating a global fleet of dynamically positioned offshore drilling rigs to a diverse base of energy-producing customers on long-term contracts, and Eneti's experience in installing more than 500 wind turbine foundation components and executing transport and installation contracts at wind farms worldwide.
See also: World's Deepest Offshore Wind Turbine Foundation Installed at Seagreen
The formation of the joint venture is subject to the successful negotiation and execution of definitive agreements. The parties expect the definitive agreements to provide that the joint venture, with technical assistance from the joint venture partners, will be responsible for converting up to two fit-for-purpose floating vessels into offshore wind foundation installation vessels. Upgrades to the vessels will include a 5200 t crane and are expected to provide them with the capability to carry up to six 3500 t monopile foundations with 12 m diameter and possess certain other environmentally responsible and efficiency-enhancing operating features.
“The combination of Transocean's offshore drilling rig experience and Eneti's offshore wind foundation installation expertise has the potential to create a powerful force in the market,” said Jeremy Thigpen, Transocean's President and CEO. “We believe this collaboration will allow us to leverage our respective strengths to provide a differentiated offering to the market, with a particular focus on delivering innovative solutions that reduce the overall cost of offshore wind.”
Seajacks International Ltd., an Eneti subsidiary, will be the platform for the joint venture's offshore wind installation activities. The joint venture partners plan to perform the operations of the joint venture initially with personnel from both Eneti and Transocean. Eneti and Transocean have the right, but not the obligation, to invest in the joint venture along with other financial partners.
See also: ArcelorMittal and Casa dos Ventos Announce Joint Venture for Wind Energy Park in Bahia, Brazil
“We are excited to combine Eneti's proven track record of successful wind turbine foundation installation projects with Transocean's extensive offshore drilling rig expertise,” said Kristian Siem, Chairman of the Board of Eneti. “We believe this joint venture will enable us to take advantage of the significant growth opportunities in the offshore wind market and deliver value to our shareholders.”
The offshore wind industry is expected to grow rapidly in the coming years, and the formation of this joint venture is a sign of the increasing interest and investment in this sector. By combining their expertise, Transocean and Eneti are well-positioned to take advantage of the opportunities presented by this emerging market.
