Provaris Energy partners with Northern Marine to advance development of GH2 carrier

Provaris Energy ASX PV1 Northern Marine GH2 carrier hydrogen H2Neo
Northern Marine will provide specialist technical and operational services to assist Provaris in developing its first compressed hydrogen ship.

A technical partnership with Stena AB subsidiary Northern Marine Management has been executed to advance development of Provaris Energy’s (ASX: PV1) first compressed hydrogen (GH2) ship carrier – the H2Neo.

According to Provaris, UK-based Northern Marine is a global leader in technical and ship management services, and has been in operation for almost 40 years.

Northern Marine manages a 70-vessel fleet, including LNG, chemical, VLCC, product and passenger ferries.

Additionally, Northern Marine has experience in naval architecture, marine engineering, regulatory and marine quality assurance, and ship management expertise.

Under the memorandum of understanding, Northern Marine will provide its specialist technical and operational services to support Provaris’ GH2 carrier development program through class and flag approval, shipbuilding contract negotiations, newbuild supervision and operations.

During the MoU, the companies will also identify and agree to terms on opportunities for Northern Marine to be appointed ship manager for future GH2 operational fleets.

Provaris managing director and chief executive officer Martin Carolan said the partnership with Northern Marine was an “endorsement” of the company’s GH2 carrier technology.

He said it was also an indication of the potential of the GH2 as a new class of bulk carrier to support the transport of green fuels – particularly green hydrogen.

Meanwhile, Northern Marine managing director Philip Fullerton said the company “relished” the opportunity to deploy its capabilities on “world-leading new energy projects” such as Provaris’ H2Neo.

First H2Neo to be operational in 2026

Provaris chief technical officer Per Roed said the company aimed to have its first H2Neo ship on the water and operational in 2026.

This is to support the growing pipeline of hydrogen export projects Provaris is building and future opportunities in Europe that are under review.

Provaris has already completed several work packages for the carrier including hull design optimisation (speed-power, structural steel assessments, and intact and damage stability), finite element modelling, shipboard safety systems, general arrangement drawings and a ship outline specification.

These are being shared with shipyards to determine construction schedules and capital costs as part of Provaris’ Approval for Construction application to be submitted to the American Bureau of Shipping next year.

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