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Transocean and Eneti announce plans to form a joint venture

Transocean and Eneti announce the formation of a joint venture to perform offshore wind turbine foundation installation activities. Through this collaboration, the two partners will be able to combine their respective experience in offshore services to provide turnkey solutions to customers in the wind energy sector.

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Transocean Ltd. and Eneti Inc. today announced the execution of a non-binding memorandum of understanding through their respective subsidiaries, indicating their intention to form a joint venture that will focus on offshore wind foundation installation activities.

The advantage of Transocean and Eneti’s experience

The joint venture would benefit from the leading experience of both partners in their respective core businesses, providing offshore services. Transocean’s extensive experience in operating a global fleet of dynamically positioned offshore drilling rigs for a diverse base of long-term energy producing clients will be combined with Eneti’s experience, through Seajacks International Ltd, in the installation of more than 500 wind turbine foundation components and in the execution of “Transport and Installation” contracts at wind farms such as Akita & Noshiro (Japan), Meerwind (Germany), Veja Mate (Germany) and Moray East (Scotland).

A joint venture to increase efficiency

The formation of the joint venture is subject to the successful negotiation and execution of definitive agreements. The parties expect that the definitive agreements will provide that the joint venture operations will be performed initially by Eneti and Transocean personnel, and the joint venture, with technical assistance from the joint venture partners, will be responsible for the conversion of up to two floating vessels suitable for offshore wind foundation installation.

The vessel upgrades will include a 5,200 tonne crane and are expected to allow the vessels to carry up to six 3,500 tonne, 12 metre diameter monopile foundations and have certain other efficiency-enhancing environmental and operational features. Eneti and Transocean have the right, but not the obligation, to invest in the joint venture alongside other financial partners.

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