Offshore drilling contractor Transocean Ltd (NYSE:RIG) and offshore wind vessels-focused Eneti Inc (NYSE:NETI) have signed a memorandum of understanding (MoU) to form a joint venture company for the installation of offshore wind foundations, the two said on Wednesday.
The venture will bring together Transocean’s experience of operating a global fleet of dynamically positioned offshore drilling rigs and Eneti’s experience, through Seajacks International Ltd, of installing over 500 wind turbine foundation components at wind farms across Japan, Germany and Scotland.
Subject to definitive agreements, the creation of the joint venture would see the conversion of at least two Transocean vessels into floating offshore wind foundation installation platforms that would be able to carry and install up to six 3,500-tonne monopile foundations with a 12-metre diameter.
The companies will have the right, but not the obligation, to invest in the joint venture along with other financial partners.
Eneti, once called Scorpio Bulkers, in 2021 transitioned away from dry bulk commodity shipping to become a wind turbine installation company. It currently has a fleet of five vessels and another two under construction.
