SIMEC Atlantis Energy Limited MeyGen Operational Update (9022K)

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RNS Number : 9022K

SIMEC Atlantis Energy Limited

19 December 2018

The information contained in this announcement is inside information under the Market Abuse Regulation (EU) No 596 / 2014. The person responsible for arranging the release of this announcement on behalf of Atlantis is Tim Cornelius, Chief Executive Officer of SIMEC Atlantis Energy.

19 December 2018

SIMEC Atlantis Energy Limited

("Atlantis" or the "Company")

MeyGen Operational Update

SIMEC Atlantis Energy, a world leading developer of sustainable energy projects, is pleased to announce that its offshore construction team has successfully completed the redeployment of two 1.5MW turbines at the MeyGen tidal energy project in Scotland.

The turbines were retrieved for modification work following initial operations, and now that this has been successfully completed all four turbines are reconnected to the grid. Since reinstallation of these turbines the project has exceeded 10,000MWh of cumulative generation and continues to set new records for tidal stream arrays.

Drew Blaxland, Director of Atlantis Turbines and Engineering Services Division, said:

"Yet again, we have demonstrated that we can work in all weather conditions, deploying turbines quickly and most importantly, safely. I am immensely proud of our team, our operational partners and the crew onboard the Seabed Stingray. "

Tim Cornelius, CEO of SIMEC Atlantis, said:

"Drew and his team have demonstrated time and time again that turbine operations can be conducted safely at all times of the year. In my opinion, they are the world's leading tidal energy offshore construction team and the advances they have made in subsea intervention technology and methodologies will contribute significantly to the steep cost reductions we expect to see in the next phase of tidal arrays to be built in the UK, France, Canada and Asia".

Enquiries:

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

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December 19, 2018 02:00 ET (07:00 GMT)