Northern Marine executes MOU with Provaris as technical partner for GH2 carrier development program
Northern Marine says it has executed a Memorandum of Understanding (MOU) with Provaris Energy Ltd, the leading developer of integrated compressed hydrogen projects to export to regional markets.
Under the MOU, Provaris and Northern Marine will develop a Technical Partnership to support the ongoing engineering and development program of Provaris’ first GH2 Carrier, the H2Neo.
Northern Marine will support the development and commercialisation of the H2Neo ship, bringing 40 years of ship management, naval architecture, marine engineering, regulatory and marine quality assurance expertise.
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.
Details of the Technical Partnership and Services
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
- Financing, insurance, and operational contracts
The term of the MOU is 12 months and sets out an agreed schedule of activities across multiple phases of the remaining development of the H2Neo carrier, which is targeting Approval for Construction mid-2023. The MOU is non-binding and non-exclusive to the services provided.
About Provaris Energy Ltd
Provaris Energy Ltd (ASX: PV1) is the leading developer of integrated compressed hydrogen projects for export to regional markets. Our purpose is to develop green hydrogen supply chains that are simple and efficient to enable the global transport of zero-carbon energy. Provaris is developing a portfolio of integrated green hydrogen projects, leveraging our innovative compressed hydrogen GH2 Carrier with a focus on value creation through innovative development that aligns with our business model of simplicity and efficiency. The choice to support all development phases of a project is in line with Provaris’ strategic desire to develop and invest in profitable hydrogen projects across the value chain, with a measured risk profile, and to retain an equity position of these assets over the long term.