Collaboration Agreement

RNS Number : 2771I

Atlantis Resources Limited

08 December 2015

 

8^th December 2015

ATLANTIS RESOURCES LIMITED

("Atlantis" or the "Company")

Collaboration Agreement

Atlantis, a global leader in the tidal power sector, is pleased to announce that it has entered into a 5-year Collaboration Agreement ("the Agreement") with market leader, JDR Cable Systems ("JDR") effective from 31 December 2015.

JDR is a technology development company, located globally with five UK sites and registered offices in Edinburgh, Scotland, which designs and supplies subsea cable solutions.

Atlantis and JDR will look to develop solutions for storage, installation, monitoring, connection, termination and testing of offshore subsea cables as well as advancing the engineering design of the cables.  In addition, the companies will agree targets for health, safety, and environmental and quality performance.

Atlantis and JDR will also explore opportunities to establish a subsea cable R&D facility in Scotland, to service and advance the Atlantis portfolio of tidal power projects in Scotland.

This collaboration underlines Scotland's role at the forefront of developing tidal power projects with the emergence of a regional centre of excellence around the Atlantis portfolio of projects and its intended operations and maintenance facility currently being established at Nigg Energy Park in Invergordon, Scotland.

Tim Cornelius, Chief Executive Officer of Atlantis, commented:

"I am delighted to have entered this collaboration agreement with JDR.  Building on a strong partnership forged during the construction phase of Phase 1A, this agreement will have a positive impact on all of our future project developments, the first of these being the 6MW Phase 1B of MeyGen which we are aspirant of commencing construction in 2016. JDR supplied the subsea cables for MeyGen Phase 1A, which remains on track to execute its final offshore installation and commissioning program in 2016.

"By working with JDR we hope to benefit from optimum cable design, ensuring that the cable supply chain is established and achieving a reduction in costs for the entire tidal industry."

David Currie, Chief Executive Officer of JDR, said:

"On behalf of JDR, I am delighted to form this collaboration partnership with Atlantis. Our execution efforts around the MeyGen project have been to deliver a successful campaign and project for Atlantis while ensuring the highest standards of subsea power cabling in terms of HSE, quality and innovation.

"I am excited to support the collaboration of the JDR and Atlantis teams in our endeavours to focus on cost reduction and reliability of cable development for this important sector of offshore energy."

For further information please contact:

Atlantis Resources Limited	via FTI Consulting
Tim Cornelius, Chief Executive Officer
Peel Hunt LLP (Nominated Adviser and Broker)	[phone]
Daniel Harris / Jock Maxwell MacDonald
FTI Consulting	[phone]
Ben Brewerton / Alex Beagley / James Styles

 

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