“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,” says MD & CEO.
Provaris Energy Ltd (ASX:PV1) has executed a Memorandum of Understanding (MOU) 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 more than 40 years of experience to the partnership and is a member of the Stena AB group.
In those 40 years, Northern Marine has become a global leader for technical and ship management services, managing a fleet of 70 vessels, including LNG, chemical, VLCC, product and passenger ferries.
PV1’s partner will help it with its GH2 Carrier development program through Class and Flag approval, shipbuilding contract negotiations, newbuild supervision and operations.
Commercial opportunities for a fleet of H2Neo carriers under development will also be reviewed. Once the review is complete, PV1 and Northern Marine will come to terms for Northern Marine to provide ship management services on a contractual basis that will oversee future operational fleets of GH2 carriers, starting with H2Neo.
Strong endorsement
Provaris managing director and CEO Martin Carolan sees the MoU as confirmation of the strength in PV1’s operations and confidence in its aims.
He said, “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.”
Northern Marine's managing director Philip Fullerton called PV1’s project one of significance.
“We are very pleased to support Provaris Energy on the development and future operation of their innovative GH2 Carrier.
"At Northern Marine, we operate at the vanguard of safe and sustainable shipping and relish the opportunity to deploy our operational capability on world-leading new energy projects, such as the Provaris H2Neo development program.”
The sentiment was reiterated by George Mermiris, general manager and director of Tritec Marine, Northern Marine’s engineering consultancy subsidiary, who 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.”
Partnership details
The MoU and partnership will cover specialist technical and operational services to support Provaris’ GH2 Carrier development program, 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.
This is a 12-month term between the companies that sets out an agreed schedule of activities across multiple phases of the remaining development of the H2Neo carrier, which is targeting Approval for Construction in mid-2023.
The MoU is non-binding and non-exclusive to the services provided.
“The support from Northern Marine to date on our H2Neo development program has been great and I look forward to working closely with their technical and operational experts,” Provaris’ chief technical officer Per Roed said.
“The opportunity for Provaris to leverage their global experience and expertise in engineering, approvals, newbuilds and operations will enable the company to have the first H2Neo ship on water and operational in 2026, to support the pipeline of hydrogen export projects we are now developing in Australia and future opportunities now under review in Europe.”