Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
So still no progress.
From 7th April 2021 RNS
"Currently, three of the turbines have been moved to our workshop in Nigg to allow the team to complete onshore service works. We expect one of the turbines to be returned to service very shortly with the other two scheduled to be returned to service later in the year, once their service works are completed."
From their own website:
AR1500 and SeaGen turbines have been designed for retrieval once every six years for an overhaul and maintenance program which should take approximately two weeks. A standard DP2 vessel can be used to retrieve the nacelles and return them to base for these programmed maintenance activities.
So out of the water for a year, Pretty Poor
As DAVE2020 says, You need to look for a ship with a big crane on it. The incoming Chineses ones are Heavy Load ships. Doesn't seem to be any expected arrivals for SAE. With the Hydroelectric department sold it's annoying that these income producing assets are out of the water for so long.
I doubt it’s financially viable fro them to bring that turbine back to the U.K. at the moment , the lease cost of a specialist vessel like that is somewhere around 30k a day from what I have read. It’s at least a months voyage home so £1M to get it back . I would say it’s better to store it in the souther hemisphere close to other potential customers. I seem to remember reading they did have access to a local workshop or partnership near the recent test site.
It's a good question about Maintenance costs and for giantsquid to say Meygen is "firing on all cylinders" is misleading. I believe (reading between RNS) at least two of the Turbines have been out of the water for most of the year. The good ship Polar Onyx was dispatched last month to reinstall them from Nigg but came into difficulties with her main crane. She is currently in dry dock in Belfast undergoing repairs so hopefully they can get them back in the water before Xmas. This is a shame because Energy imports to the grid are commanding a good price at the minute. The cost of chartering this ship alone I can imagine is around 30 - 50k a day let alone the lost income of the turbines being out of the water most of the year . All IMHO. DYOR
Giantsquid,
You need to look at the company debt and the cash burn as part of the bigger jigsaw, Although I agree they have a bright future if they can weather this current storm. This year has been a catalogue of disasters for them with Gupta, Usk, Meygen Turbine breakdowns etc.
Projects like Tiger and Normandies are years away from being revenue generating. I am a shareholder but you do need to do some due diligence. Perhaps ask yourself why no Senior Management have any skin in the game as well.
Thanks guys, Anxious for those turbines to get back in the water generating Money Lol. I only stumbled across this one today after looking at the dock she was in. Nice to see an informative LSE board for a change!