Atlantis Resources Limited 8 Turbine System Order for Atlantis in Indonesia

TIDMARL

Atlantis Resources Limited

09 October 2017

9 October 2017

Atlantis Resources Limited

("Atlantis" or the "Company")

Nautilus Project in Indonesia announces FID firming up 8 turbine system order for Atlantis

Atlantis, a global leader in the tidal power sector, is pleased to announce that its customer, SBS Energi Kelautan (SBSEK), owner of the 150MW Nautilus tidal stream project in Indonesia has announced final investment decision has been taken with its investors to progress with Phase 1 (12MW). This represents an important step towards a firm order for 8 x 1.5MW Atlantis AR1500 turbine systems. Phase 1 of the Nautilus project will be supported by a 30-year power purchase agreement in place with the State owned electrical utility company, PT. Perusahaan Listrik Negara (Persero) (PLN).

Earlier this year, Atlantis signed a Preferred Supplier Agreement (PSA) with SBS INTL LTD (SBS), a privately-owned international marine, subsea and renewable energy project developer, for the supply of turbines, engineering services and equipment for the Nautilus project which is located in Lombok, Indonesia.

Under this PSA, Atlantis intends to manufacture and install 8 x 1.5MW turbines by Q1 2020 (Phase I), followed progressively by a site expansion to 70MW (Phase II) and ultimately up to a potential capacity of 150MW (Phase III). The supply of turbines will be subject to agreement of full contractual terms between the relevant parties. SBSEK has awarded the Engineer, Procure, Construct, Install and Manage contract for offshore surveys; completion of FEED; EIA studies; turbine/power cable manufacturing turbine assembly, system integration testing and installation activities to SBS.

Tim Cornelius, CEO of Atlantis, said: "This is a big announcement for the Asian tidal stream market. Having been appointed by SBS earlier this year as their preferred supplier, I am delighted that Phase 1 of the Nautilus tidal stream project is moving ahead in earnest. This would represent our largest ever equipment order from Asia and, with 100 x 1.5MW turbines planned for the total project, equates to a multi-hundred million dollar supply contract for Atlantis. I have said before that Indonesia has clear potential for commercial-scale tidal power and we look forward to being a part of this exciting project which will deliver clean, predictable energy for the people of Indonesia. SBS have done an excellent job to originate and develop this project with the Indonesian Government, PLN and their private equity investors."

Enquiries:

 
 Atlantis Resources                 Via FTI Consulting 
 Tim Cornelius, Chief Executive 
  Officer 
  Andrew Dagley, Chief Financial 
  Officer 
 
 FTI Consulting                     [phone] 
 Ben Brewerton 
 Alex Beagley 
 James Styles 
 

This information is provided by RNS

The company news service from the London Stock Exchange

END

NRAGCBDGSBGBGRR

(END) Dow Jones Newswires

October 09, 2017 02:00 ET (06:00 GMT)