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Transocean (RIG) Buys a Stake in Seabed Exploration Firm
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The Vernier, Switzerland-based American offshore driller, Transocean Ltd. (RIG - Free Report) , declared that it bought a minority interest in Ocean Minerals Ltd., a firm that engages in the exploration of seabed resources comprising metals vital to the augmenting renewable energy market.
Ocean Minerals, via its partner Moana Minerals Limited, was granted a license by the Cook Islands Seabed Minerals Authority last month for the exploration of polymetallic nodules within the Cook Islands’ exclusive economic zone area. Crucial minerals like cobalt, nickel, copper, manganese and rare earth metals found in the nodules are important for the production of high-capacity batteries. The Cook Islands is one among many offshore sites worldwide with huge, accessible deposits of nodules having high concentrations of these important minerals.
Transocean stated that it is working in collaboration with Ocean Minerals on technology and services that would be needed to gather nodules from the seabed upon receiving a production license. The driller mentioned that the responsible reclamation of nodules would provide the extra supply required to support the rising demand.
Per Transocean’s CEO Jeremy Thigpen, technical challenges related to the effective recovery of deep-sea polymetallic nodules signify prospects for his company to take advantage of its unique offshore know-how in support of the quickly developing energy storage market. “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,” he further added.
In addition to its Ocean Minerals stake purchase, RIG had previously revealed its pledge to decrease its greenhouse gas emissions intensity by 40% by 2030. The company recently announced that it would be employing one of its rigs to drill a well and a sidetrack for the Northern Lights Carbon Transport and Storage Project.
Transocean is the world’s largest offshore drilling contractor and a leading provider of drilling management services. The company provides rigs on a contractual basis to explore and develop oil and gas. Transocean offers offshore drilling rigs, equipment, services and manpower (with a particular emphasis on ultra-deepwater and harsh environment drilling services) to exploration and production companies worldwide.
Transocean currently has a Zacks Rank #3 (Hold). Those interested in the energy sector might want to look at stocks that carry a better Zacks Rank. Devon Energy (DVN - Free Report) , PDC Energy and Vista Oil & Gas (VIST - Free Report) each sport a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
The Zacks Consensus Estimate for Devon Energy’s 2022 earnings is projected at $6.66 per share, up about 88.7% from the projected year-ago earnings of $3.53. Devon Energy stock has rallied 195.9% in a year.
Devon Energy beat the Zacks Consensus Estimate for earnings in all the trailing four quarters, the average being around 18.5%. DVN is valued at around $40 billion.
PDC Energy’s stock has gone up 123.8% in a year. The Zacks Consensus Estimate for PDC Energy’s 2022 earnings has been revised about 35% upward over the past 30 days from $10.39 per share to $14.03.
The Zacks Consensus Estimate for PDCE’s 2022 earnings is pegged at $14.03 per share, up 75.6% from the projected year-ago earnings of $7.99.
The Zacks Consensus Estimate for Vista’s 2022 earnings is pegged at $1.55 per share, up 187% from the projected year-ago earnings of 54 cents.
Vista stock has rallied 252% in a year. The Zacks Consensus Estimate for VIST’s 2022 earnings has been revised 11.5% upward over the past 60 days.
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Transocean (RIG) Buys a Stake in Seabed Exploration Firm
The Vernier, Switzerland-based American offshore driller, Transocean Ltd. (RIG - Free Report) , declared that it bought a minority interest in Ocean Minerals Ltd., a firm that engages in the exploration of seabed resources comprising metals vital to the augmenting renewable energy market.
Ocean Minerals, via its partner Moana Minerals Limited, was granted a license by the Cook Islands Seabed Minerals Authority last month for the exploration of polymetallic nodules within the Cook Islands’ exclusive economic zone area. Crucial minerals like cobalt, nickel, copper, manganese and rare earth metals found in the nodules are important for the production of high-capacity batteries. The Cook Islands is one among many offshore sites worldwide with huge, accessible deposits of nodules having high concentrations of these important minerals.
Transocean stated that it is working in collaboration with Ocean Minerals on technology and services that would be needed to gather nodules from the seabed upon receiving a production license. The driller mentioned that the responsible reclamation of nodules would provide the extra supply required to support the rising demand.
Per Transocean’s CEO Jeremy Thigpen, technical challenges related to the effective recovery of deep-sea polymetallic nodules signify prospects for his company to take advantage of its unique offshore know-how in support of the quickly developing energy storage market. “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,” he further added.
In addition to its Ocean Minerals stake purchase, RIG had previously revealed its pledge to decrease its greenhouse gas emissions intensity by 40% by 2030. The company recently announced that it would be employing one of its rigs to drill a well and a sidetrack for the Northern Lights Carbon Transport and Storage Project.
Transocean is the world’s largest offshore drilling contractor and a leading provider of drilling management services. The company provides rigs on a contractual basis to explore and develop oil and gas. Transocean offers offshore drilling rigs, equipment, services and manpower (with a particular emphasis on ultra-deepwater and harsh environment drilling services) to exploration and production companies worldwide.
Transocean currently has a Zacks Rank #3 (Hold). Those interested in the energy sector might want to look at stocks that carry a better Zacks Rank. Devon Energy (DVN - Free Report) , PDC Energy and Vista Oil & Gas (VIST - Free Report) each sport a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
The Zacks Consensus Estimate for Devon Energy’s 2022 earnings is projected at $6.66 per share, up about 88.7% from the projected year-ago earnings of $3.53. Devon Energy stock has rallied 195.9% in a year.
Devon Energy beat the Zacks Consensus Estimate for earnings in all the trailing four quarters, the average being around 18.5%. DVN is valued at around $40 billion.
PDC Energy’s stock has gone up 123.8% in a year. The Zacks Consensus Estimate for PDC Energy’s 2022 earnings has been revised about 35% upward over the past 30 days from $10.39 per share to $14.03.
The Zacks Consensus Estimate for PDCE’s 2022 earnings is pegged at $14.03 per share, up 75.6% from the projected year-ago earnings of $7.99.
The Zacks Consensus Estimate for Vista’s 2022 earnings is pegged at $1.55 per share, up 187% from the projected year-ago earnings of 54 cents.
Vista stock has rallied 252% in a year. The Zacks Consensus Estimate for VIST’s 2022 earnings has been revised 11.5% upward over the past 60 days.