SIMEC Atlantis Energy Limited MeyGen Operational Update

TIDMSAE

SIMEC Atlantis Energy Limited

22 October 2018

22 October 2018

SIMEC ATLANTIS ENERGY LIMITED

("Atlantis" or the "Company")

MeyGen Operational Update with World First Turbine Service Completed Offshore

SIMEC Atlantis Energy Limited, the global developer, owner and operator of sustainable energy projects with a diversified portfolio of more than 1,000 megawatts in various stages of development, is pleased to announce that it successfully completed offshore operations on MeyGen Phase 1A with two Andritz 1.5MW turbines returned to service and the Atlantis 1.5MW turbine successfully retrieved for ancillary systems maintenance. The Andritz turbines have recommenced generation at full capacity.

These operations included world first achievements of: multiple turbines being handled and serviced simultaneously on one vessel; and the retrieval, service and reinstallation of a turbine onboard a vessel without returning to a port. All of which was achieved within 30 hours. This achievement will have material cost reduction implications for future scheduled and unscheduled maintenance events. These offshore operations were completed within time and budget by Atlantis Operations UK, a division of SIMEC Atlantis Energy.

The Atlantis 1.5MW turbine will now be returned to the Atlantis operations base at Nigg Energy Park in Scotland for servicing before being returned to service during the December tidal window when the third Andritz turbine will also be redeployed following completion of its inspection and maintenance programme.

Enquiries:

 
 SIMEC Atlantis Energy Limited               via FTI Consulting 
 Tim Cornelius, Chief Executive Officer 
  Andrew Dagley, Chief Financial Officer 
 
 Cantor Fitzgerald Europe (Nominated 
  Adviser and Joint Broker)                 [phone] 
 Rick Thompson 
  Richard Salmond 
  David Porter 
 
 Macquarie Capital (Europe) Limited 
  (Joint Broker) 
  Nick Stamp                                [phone] 
 
 FTI Consulting                             [phone] 
 Ben Brewerton 
  Alex Beagley 
  Molly Stewart 
 

Notes to Editors

SIMEC Atlantis Energy is the global developer, owner and operator of sustainable energy projects with a diverse portfolio of more than 1,000 megawatts in various stages of development. This includes a 77% stake in the world's largest tidal stream power project, MeyGen, and the conversion of the 220MW Uskmouth Power Station.

In 2017 we entered into a strategic partnership with SIMEC, a member of the GFG Alliance, to convert the Uskmouth Power Plant to use an end-of-waste energy pellet as fuel. The plant is expected to enter commercial operations in 2020 and will sell its power to GFG Alliance companies under two 20-year power purchase agreements. A successful conversion will tackle the pressing issue of non-recyclable waste in the UK and will form the blue-print for other large-scale conversion projects across the globe.

We intend this to be the first of a number of acquisitions aiming to transform SIMEC Atlantis into a diversified energy Company of scale, owning development and generating assets across the sustainable energy spectrum in Europe, Asia and Australia, complementing our existing UK pipeline.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [e-mail] or visit www.rns.com.

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October 22, 2018 02:00 ET (06:00 GMT)