Provaris Energy Ltd (ASX: PV1) has signed a Memorandum of Understanding with UK-based Northern Marine Management Limited to develop a technical partnership that advances the development of PV1’s first GH2 carrier – the H2Neo.
Northern Marine brings over 40 years of experience to the partnership and is a member of the Stena AB group.
Over these 40 years, Northern Marine has grown into a global leader in technical and ship management services, managing a fleet of 70 vessels, including LNG, chemical, VLCC, product and passenger vessels.
PV1’s partner will assist in its GH2 carrier development program through class and flag approval, shipbuilding contract negotiations, supervision and operation of new builds.
Business opportunities for a fleet of H2Neo carriers under development will also be examined. Once the review is completed, PV1 and Northern Marine will agree that Northern Marine will provide ship management services on a contract basis that will oversee future operational fleets of GH2 carriers, starting with H2Neo.
Provaris Managing Director and CEO Martin Carolan sees the MoU as confirmation of the strength of PV1’s operations and confidence in its objectives.
He said: “Partnering with a globally recognized ship manager like Northern Marine is an endorsement of our development of a compressed hydrogen carrier and an indication of the commercial potential as a new class of bulk carrier to support the transportation of fuels. green, in this case green hydrogen.
Northern Marine managing director Philip Fullerton called the PV1 project significant.
“We are very pleased to support Provaris Energy in the development and future operation of their innovative carrier GH2.
“At Northern Marine, we operate at the forefront of safe and sustainable shipping and we welcome the opportunity to deploy our operational capability on world-class new energy projects, such as the Provaris H2Neo development program.”
The sentiment was echoed by George Mermiris, Managing Director and Director of Tritec Marine, Northern Marine’s engineering consultancy subsidiary, who said: “A project of this importance demands the highest quality of technical service backed up by vast experience. and careful consideration.
“It is a privilege to support Provaris Energy with a comprehensive package of engineering, new build supervision and additional consultancy to ensure the successful construction, approval and deployment of a new type of vessel that will contribute to a more sustainable future for all of us.”
The MoU and partnership will cover specialized technical and operational services to support Provaris’ GH2 carrier development program, including:
- Detailed engineering;
- Class and flag approvals;
- Shipyard selection and new construction contract;
- Compliance and certification for safety and operations;
- Supervision of new constructions; and
- Financing, insurance and operating contracts.
It is a 12-month mandate between the companies that establishes an agreed schedule of activities on several phases of the remaining development of the carrier H2Neo, which aims for approval for construction in mid-2023.
The MoU is non-binding and not exclusive to the services provided.
“Northern Marine’s support to date on our H2Neo development program has been tremendous and I look forward to working closely with their technical and operational experts,” said Per Roed, Chief Technical Officer of Provaris.
“The opportunity for Provaris to leverage its global experience and expertise in engineering, approvals, new builds and operations will enable the company to have the first H2Neo vessel on the water and operational in 2026, to support the pipeline of hydrogen export projects we are currently developing in Australia and future opportunities currently under consideration in Europe.