Atlantis Resources Limited Completion of DEME Investment in TPSL (7127G)
August 09 2016 - 9:16AM
UK Regulatory
TIDMARL
RNS Number : 7127G
Atlantis Resources Limited
09 August 2016
9 August 2016
Atlantis Resources Limited
("Atlantis" or the "Company")
Completion of DEME Investment in TPSL
Atlantis, a global leader in the tidal power sector, is pleased
to announce that DEME Concessions NV, a member of the DEME Group,
("DEME") has now completed its purchase of shares in Tidal Power
Scotland Limited ("TPSL").
Under the terms of the agreement announced in April, DEME has
paid GBP2 million in cash consideration to a wholly owned
subsidiary of Atlantis for a 2% stake in TPSL. DEME will receive
certain rights in respect of further equity funding at financial
close of the Sound of Islay project and Phase 1C of the MeyGen
project.
In addition, the DEME Group is now taking an active role in the
MeyGen Phase 1A installation through DEME's subsidiary, Geosea NV
("GeoSea"), a specialist in complex offshore marine engineering
projects. Geosea, will install with the jack-up vessel MV "Neptune"
all heavy turbine foundation structures and some of the turbines
for MeyGen Phase 1A. The Neptune is expected to arrive at Nigg
Energy Park in September to commence equipment mobilisation.
GeoSea joins a strong team of contractors at MeyGen working
alongside James Fisher Marine Services Limited ("JFMS"), a world
leader in dynamic positioning vessel operations in high tidal flow
conditions. As well as installing some of the turbines for Phase 1A
JFMS has already completed deployment of the subsea export cables
which will deliver power from the turbines to the onshore grid
connection point. The JFMS group has also provided diving services
and supplied marine equipment and mooring systems through its
subsidiaries: Mojo Maritime, James Fisher Subsea, James Fisher
Offshore and Fendercare Marine
Tim Cornelius, CEO of Atlantis, commented:
"Atlantis is now recognised as the world leader in tidal power
development which has enabled us to pull together a world class
team of contractors for delivery of the world's flagship tidal
stream project, MeyGen. Both GeoSea and JFMS are best in class with
specific skill sets that, when combined, will ensure that Phase 1A
is installed successfully and safely. The quality of both of these
companies, each of which has a proven track record in delivery of
complex offshore projects, speaks volumes for prospects of tidal
power globally. The world's most high profile tidal power project
deserves the deployment of the world's best offshore construction
contractors. We are on track to deliver first power to the grid
from MeyGen Phase 1A later this year, which will be a landmark
event for the global marine power industry."
Enquiries:
Atlantis Resources via FTI Consulting
Tim Cornelius, Chief Executive
Officer
Simon Counsell, Chief Financial
Officer
Peel Hunt LLP (Nominated Adviser +44 (0)20 7418
and Broker) 8900
Adrian Trimmings
Jock Maxwell Macdonald
+44 (0)20 3727
FTI Consulting 1000
Ben Brewerton
Alex Beagley
James Styles
This information is provided by RNS
The company news service from the London Stock Exchange
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