Offshore drilling contractor Transocean has purchased a minority interest in Ocean Minerals, a company engaged in seabed exploration of minerals critical to the growing renewable energy market, such as cobalt, nickel, copper, manganese, and rare earth metals found in the polymetallic nodules.
Ocean Minerals, through its affiliate, Moana Minerals, was awarded a license by the Cook Islands Seabed Minerals Authority last month for the exploration of polymetallic nodules within the application area located in the Cook Islands’ exclusive economic zone.
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 high concentrations of these critical minerals.
“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 CEO Jeremy Thigpen. “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, which operates a fleet of 37 rigs, has 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.
