21st Feb 2024 14:09
EnergyPathways PLC - West Sussex-based energy company focused on developing the Marram Field offshore gas project in the UK Irish Sea - Signs memorandum of understanding with MCS Subsea Solutions Ltd and Mermaid Subsea Services Ltd for the provision of subsea front-end engineering design and project support for its wholly owned Marram project. The Marram project is a low-emission, short-cycle gas field, at which EnergyPathways is targeting first production in 2025. The company says that its new partners will collaborate on FEED, and deploy "proven technology that can reduce development costs and delivery cycle", including the Zap-Lok mechanical interference fit connection system. MCS and Mermaid specifically plan to access "fit for purpose vessel solutions" and use their market position "to secure global supply chain solutions for long lead items".
EnergyPathways Chief Executive Officer Ben Clube says: "The signing of this MoU is an important step in ensuring the necessary subsea expertise and project support capabilities are in place to deliver the Marram Project utilising cost-effective and timely project delivery solutions. The Marram Project will provide affordable and reliable low emission energy to the UK market, while offering security of energy supply and commercial returns to our investors."
Current stock price: 2.90 pence, down 6.6% on Wednesday afternoon in London
12-month change: up 16%
By Hugh Cameron, Alliance News reporter
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