Transocean eyes converting some vessels for offshore wind foundation installation
Offshore drilling contractor Transocean (NYSE: RIG) and offshore wind turbine installer Eneti Inc.(NYSE:NETI) have entered an MOU indicating their intention to form a joint venture company that would engage in offshore wind foundation installation activities.
The establishment and operation of the joint venture are subject to definitive agreements which would provide for:
- the conversion of at least two Transocean vessels into floating offshore wind foundation installation platforms,
- expertise and operational personnel to be provided by both Eneti and Transocean, and
- the right but not the obligation for each of Transocean and Eneti to invest in the joint venture with additional partners.
The vessels, once converted, would be capable of carrying and installing up to six 3,500-ton, 12-meter diameter monopile foundations with state-of-the-art safety and efficiency.
Transocean shares were down 4.89% today after a separate disclosure by the company that a quarterly rig status report filed April 18 had misstated that the incremental backlog associated with fixtures identified in the report’s second paragraph was approximately $645 million. The correct amount is $546 million. The company released an updated report, noting that al other information remained unchanged, including the company’s total backlog of $8.6 billion as of April 18, 2023.
A look at that report indicates that the company currently has eight drill ships and four semis stacked, presumably it is some of these stacked vessels that are being eyed for potential conversion for monopile installation.
