Provaris Energy Ltd (ASX.PV1) has executed a Memorandum of Understanding (MOU) with UK-based Northern Marine Management Limited, a member of the Stena AB group of companies.
Under the MOU, Provaris and Northern Marine will develop a Technical Partnership to support the ongoing engineering and development program of the company’s first GH2 Carrier, the H2Neo, with Northern Marine to bring over 40 years of naval architecture, marine engineering, regulatory and marine quality assurance, and ship management expertise to support the development and commercialisation of the H2Neo ship.
Provaris and Northern Marine will also review commercial opportunities for a fleet of H2Neo carriers currently under development, to which the parties will then agree on terms for Northern Marine to provide ship management services on a contractual basis.
A partnership with a globally recognised ship manager like Northern Marine is an endorsement of our development for a compressed hydrogen carrier and an indication of the commercial potential as a new class of bulk carrier to support the transport of green fuels, in this case green hydrogen,” Managing Director and CEO of Provaris, Martin Carolan, said.
George Mermiris, General Manager and Director of Tritec Marine, Northern Marine’s Engineering Consultancy subsidiary, said a project of this significance demands the highest quality of technical service underpinned by extensive experience and meticulous scrutiny.
“It is a privilege to support Provaris Energy with a comprehensive package of engineering, newbuild supervision and further consultancy support to ensure the successful build, approval and deployment of a new type of vessel that will contribute to a more sustainable future for us all.”
Details of the Technical Partnership and Services
The MOU and Partnership will cover specialist technical and operational services to support Provaris’ GH2 Carrier development programme, including: Detailed engineering, Class and Flag approvals, Shipyard selection and newbuild contract, Compliance and certification for safety and operations, Newbuild supervision and Financing, insurance, and operational contracts.