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Transocean Ltd. Invests in Exploration of Seabed Minerals to Support the Renewable Energy Supply Chain

March 29, 2022

STEINHAUSEN, Switzerland, March 29, 2022 (GLOBE NEWSWIRE) -- Transocean Ltd. (NYSE: RIG) announced today that it has purchased a minority interest in Ocean Minerals Ltd., a company engaged in the exploration of seabed resources containing metals critical to the growing renewable energy market.

Ocean Minerals, through its affiliate, Moana Minerals Limited, was awarded a license by the Cook Islands Seabed Minerals Authority last month for exploration of polymetallic nodules within the application area located in the Cook Islands exclusive economic zone. Critical minerals, such as cobalt, nickel, copper, manganese, and rare earth metals found in the nodules are essential for the production of high-capacity batteries.

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 a high content of these critical minerals. Responsible recovery of the nodules would provide additional supply required to support growing demand.

“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 Chief Executive Officer Jeremy Thigpen. “We are excited to work alongside Ocean Minerals to help support efforts to achieve a lower carbon energy economy and meet the growing global demand for critical minerals. 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 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.

About Transocean

Transocean is a leading international provider of offshore contract drilling services for oil and gas wells. Transocean specializes in technically demanding sectors of the global offshore drilling business with a particular focus on deepwater and harsh environment drilling services, and operates the highest specification floating offshore drilling fleet in the world.

Transocean owns or has partial ownership interests in and operates a fleet of 37 mobile offshore drilling units, including 27 ultra-deepwater floaters and 10 harsh environment floaters. In addition, Transocean is constructing two ultra-deepwater drillships.

Forward-Looking Statements

The statements described herein that are not historical facts are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements could contain words such as \"possible,\" \"intend,\" \"will,\" \"if,\" \"expect,\" or other similar expressions. Forward-looking statements are based on management’s current expectations and assumptions, and are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict. As a result, actual results could differ materially from those indicated in these forward-looking statements. Factors that could cause actual results to differ materially include, but are not limited to, estimated duration of customer contracts, contract dayrate amounts, future contract commencement dates and locations, planned shipyard projects and other out-of-service time, sales of drilling units, timing of the company’s newbuild deliveries, operating hazards and delays, risks associated with international operations, actions by customers and other third parties, the fluctuation of current and future prices of oil and gas, the global and regional supply and demand for oil and gas, the intention to scrap certain drilling rigs, the success of our business following prior acquisitions, the effects of the spread of and mitigation efforts by governments, businesses and individuals related to contagious illnesses, such as COVID-19, and other factors, including those and other risks discussed in the company's most recent Annual Report on Form 10-K for the year ended December 31, 2021, and in the company's other filings with the SEC, which are available free of charge on the SEC's website at: www.sec.gov. Should one or more of these risks or uncertainties materialize (or the other consequences of such a development worsen), or should underlying assumptions prove incorrect, actual results may vary materially from those indicated or expressed or implied by such forward-looking statements. All subsequent written and oral forward-looking statements attributable to the company or to persons acting on our behalf are expressly qualified in their entirety by reference to these risks and uncertainties. You should not place undue reliance on forward-looking statements. Each forward-looking statement speaks only as of the date of the particular statement, and we undertake no obligation to publicly update or revise any forward-looking statements to reflect events or circumstances that occur, or which we become aware of, after the date hereof, except as otherwise may be required by law. All non-GAAP financial measure reconciliations to the most comparative GAAP measure are displayed in quantitative schedules on the company’s website at: www.deepwater.com.

This press release, or referenced documents, do not constitute an offer to sell, or a solicitation of an offer to buy, any securities, and do not constitute an offering prospectus within the meaning of the Swiss Financial Services Act (“FinSA”) or advertising within the meaning of the FinSA. Investors must rely on their own evaluation of Transocean and its securities, including the merits and risks involved. Nothing contained herein is, or shall be relied on as, a promise or representation as to the future performance of Transocean.

Analyst Contact:
Alison Johnson
+1 713-232-7214

Media Contact:
Pam Easton
+1 713-232-7647 


Transocean Ltd.