DEME Concessions completes investment in TPSL

Atlantis has announced that DEME Concessions NV, a member of the DEME Group, has now completed its purchase of shares in Tidal Power Scotland Limited (TPSL).

As we reported in April, Atlantis, agreed to sell a minority stake in Atlantis’s Scottish tidal development company, TPSL to DEME. DEME has paid £2 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, 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 team of contractors at MeyGen working alongside James Fisher Marine Services Limited (JFMS), a firm focused 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.”