Provaris executes MOU with Northern Marine as technical partner for GH2 Carrier development program

Technical

May 25, 2022

Technical Partnership with Northern Marine established to advance the development of the GH2 Carrier.
Northern Marine is a member of the Stena AB group and a global leader for technical and ship management services with close to 40 years of operation; managing a fleet of 70 vessels, including LNG, chemical, VLCC, product, and passenger ferries.
The MOU and Partnership will cover specialist technical and operational services to support Provaris’ GH2 Carrier development program through Class and Flag approval, shipbuilding contract negotiations, newbuild supervision, and operations.
During the term of the MOU, Northern Marine and Provaris will identify and agree terms on opportunities for Northern Marine to be appointed as Ship Manager for future operational fleets of GH2 carriers, starting with the H2Neo
Provaris Energy is pleased to announce it has executed a Memorandum of Understanding with UK-based Northern Marine Management Limited , a member of the Stena AB group of companies.Under the MOU, Provaris and Northern Marine will develop a Technical Partnership to support the ongoing engineering and development program of the Company’s first GH2 Carrier, the H2Neo, with Northern Marine to bring over 40 years of naval architecture, marine engineering, regulatory and marine quality assurance, and ship management expertise to support the development and commercialisation of the H2Neo ship.
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.

Martin Carolan, Managing Director & CEO of Provaris commented: “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.”

Philip Fullerton, Managing Director of Northern Marine commented: “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.”