DEME concludes Atlantis accord

Illustration (Image: Atlantis Resources)

DEME Concessions, part of DEME Group, has completed the share purchase in Atlantis Resources’ Scottish project development vehicle Tidal Power Scotland (TPSL).

Under the terms of the agreement announced in April, DEME has paid £2 million to a wholly owned subsidiary of Atlantis for a 2% stake in TPSL.

The Belgian offshore construction company, 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, Atlantis informed.

Furthermore, the DEME Group is now taking an active role in the MeyGen Phase 1A installation through DEME’s subsidiary, Geosea, a specialist in complex offshore marine engineering projects.

Geosea will use the jack-up vessel MV Neptune to install all heavy turbine foundation structures and some of the turbines for MeyGen Phase 1A, starting from September when the Neptune is expected to arrive at Nigg Energy Park to start equipment mobilisation, according to Atlantis.

GeoSea will work alongside James Fisher Marine Services (JFMS), a specialist in dynamic positioning vessel operations in high tidal flow conditions.

Tim Cornelius, CEO of Atlantis, said: “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. 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.”

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