Eneti Inc. (NYSE: NETI) (“Eneti”) announced the execution of a non-binding memorandum of understanding indicating their intention to form a joint venture company with Transocean Ltd. (NYSE:RIG) (“Transocean”) that will engage in offshore wind foundation installation activities.
Transocean has three hundred plus rig-years of experience operating a global fleet of dynamically positioned offshore drilling rigs to a diverse base of energy-producing customers on long-term contracts.
Eneti, through Seajacks International Ltd., has installed more than 500 wind turbine foundation components at wind farms including Akita & Noshiro (Japan), Meerwind (Germany), Veja Mate (Germany), and Moray East (Scotland).
The establishment and operation of the joint venture are subject to definitive agreements which would provide for (i) the conversion of at least two Transocean vessels into floating offshore wind foundation installation platforms, (ii) expertise and operational personnel to be provided by both Eneti and Transocean, and (iii) 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.
