HIGHLIGHTS:
Successful completion of Phase 2 Design Stage for innovative LCO2 Tank and submission to a Marine Classification Society for an approval that reinforces suitability for deployment in maritime solutions.
Engagement and planning of an extensive FEED design stage to commence in Q3 CY2025.
Critical point for CCS supply chains to scale, reduce costs, and meet significant increase in annual CO2
capture capacity required by 2030 and beyond.
Formation of a joint venture company with Yinson provides strategic alignment and will capitalize on new tank designs, unlocking significant growth potential in marine and offshore markets.
Provaris Energy is pleased to advise shareholders it has achieved a significant milestone in the collaboration with Yinson Production AS (Yinson) under the Joint Development Agreement (JDA) for the development of an innovative large-scale liquid CO2 (LCO2) tank design. The Phase 2 Design Stage has been completed successfully on time and budget, culminating in the submission of a comprehensive Design to Yinson and a Marine Classification Society for preliminary Class approval.
Provaris Managing Director and CEO, Martin Carolan said: ”The partnership between Provaris and Yinson continues to rapidly advance the development of a game-changing solution for CO2 storage and transport. The successful completion of the Phase 2 Design Stage, coupled with the planned establishment of a joint venture company between Provaris and Yinson, provides the focus and strategic alignment in our collaborative efforts to deliver industry-leading innovations in CO2 storage and transport.”
Yinson Production AS, Chief Technical Officer, Lars Gunnar Vogt added: “The completion of this Design stage marks a significant milestone, demonstrating the technical viability of large-scale LCO2 tanks tailored for marine and offshore applications. We’re excited by the potential this unlocks, not only for our Havstjerne CCS development project in Norway, but also for the broader decarbonisation value chain and long-term opportunities we see for Yinson.”
The focus of the Design Stage for the LCO2 tank includes:
> Storage capacity for low-pressure LCO2 that is more than double the size Asian shipbuilders and tank fabricators are currently offering to the market for bulk-scale LCO2 maritime storage and transport.
> A tank that supports simplification of the process engineering and associated equipment to reduce the costs (capital and operating) and increase the scale of LCO2 carriers and other floating storage assets.
> A design that meets the stringent International Code for the Construction and Equipment of Ships Carrying Liquefied Gases in Bulk (IGC Code). Similarly, materials have been selected according to the IGC Code.
> The integration of larger tanks at low pressure tank design to lower vessel capex (by removing the process equipment required for a large number of small capacity tanks) and target lower freight cost.
The Design package has been submitted to a Marine Classification Society for an approval process that reinforces the tank’s credibility and suitability for deployment in maritime operations. A successful outcome is expected in the near-term and planning is now underway for the Front-End Engineering Design (FEED) stage.
Source: cyprusshippingnews.com
