A technical partnership with Stena AB’s subsidiary, Northern Marine Management, has been executed to advance the development of Provaris Energy’s (ASX:PV1) first compressed hydrogen (GH2) ship carrier – the H2Neo.
According to Provaris, Northern Marine, based in the UK, is a global leader in technical and ship management services, and has been in operation for almost 40 years.
Northern Marine operates a fleet of 70 vessels, including LNG, chemical, VLCC, product and passenger ferries.
In addition, Northern Marine has experience in naval architecture, marine engineering, regulatory and marine quality assurance, and ship management.
Under the MoU, Northern Marine will provide its specialist technical and operational services to support Provaris’ GH2 carrier development program through class and flag approval, shipbuilding contract negotiations, supervision and operation of new constructions.
During the MoU, the companies will also identify and agree on terms of opportunities for Northern Marine to be appointed as Vessel Manager for future GH2 operational fleets.
Provaris managing director and chief executive Martin Carolan said the partnership with Northern Marine was an “endorsement” of the company’s GH2 carrier technology.
He said it was also an indication of the GH2’s potential as a new class of bulk carrier to support the transport of green fuels – in particular green hydrogen.
Meanwhile, Northern Marine chief executive Philip Fullerton said the company was “savoring” the opportunity to deploy its capabilities on “new peak energy projects” such as Provaris’ H2Neo.
First H2Neo operational in 2026
Provaris technical director Per Roed said the company aims to have its first H2Neo vessel on the water and operational in 2026.
This is to support the growing portfolio of hydrogen export projects that Provaris is building and future opportunities in Europe that are being explored.
Provaris has already completed several work packages for the carrier, including hull design optimization (speed-power, structural steel assessments, and intact and damaged stability), finite element modeling, systems safety on board, general arrangement drawings and an outline specification of the vessel.
These are shared with shipyards to determine construction schedules and capital costs as part of Provaris’ construction approval application that will be submitted to the American Bureau of Shipping next year.