8th Dec 2015 09:36
LONDON (Alliance News) - Atlantis Resources Ltd on Tuesday said it has entered into a five-year collaboration agreement with JDR Cable Systems to advance the engineering design of subsea cables.
Atlantis, the tidal power generation company, already provides subsea power evacuation equipment, whilst JDR Cable Systems designs, engineers and manufactures subsea power cables, which transmit power under water, from its five sites in the UK with headquarters in Scotland.
Atlantis and JDR will look to develop new technology and services for the storage, installation, monitoring, connection, termination and testing of offshore subsea cables as well as advancing the engineering design of the cables.
The pair also will explore opportunities to establish a subsea cable research and development facility in Scotland, which will service Atlantis' portfolio of tidal power projects in the country.
"This collaboration underlines Scotland's role at the forefront of developing tidal power projects with the emergence of a regional centre of excellence around the Atlantis portfolio of projects and its intended operations and maintenance facility currently being established at Nigg Energy Park in Invergordon, Scotland," said Atlantis.
Atlantis Chief Executive Tim Cornelius said the deal will have a "positive impact" on the company's project development, the first of which will be the start of phase 1B at its flagship MeyGen project.
That second phase builds on phase 1A, which used subsea cables provided by JDR Cable Systems. The MeyGen project is still on track, with construction of phase 1B starting in 2016 whilst the commissioning and installation work for phase 1A will also be completed.
Cornelius said: "By working with JDR we hope to benefit from optimum cable design, ensuring that the cable supply chain is established and achieving a reduction in costs for the entire tidal industry."
David Currie, chief executive of JDR Cable Systems added: "I am delighted to form this collaboration partnership with Atlantis. Our execution efforts around the MeyGen project have been to deliver a successful campaign and project for Atlantis while ensuring the highest standards of subsea power cabling."
Atlantis shares were trading down 3.0% to 31.05 pence per share on Tuesday.
By Joshua Warner; [email protected]; @JoshAlliance
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