Member Info for Si_Derman

"Harl was purchased to facilitate IM"

That was the story that was spun out at the time.

"This strategic acquisition enables InfraStrata to bring in-house a large part of the fabrication requirements for the Company's Islandmagee Gas Storage Project and proposed FSRU project...

By utilising the Assets, the Company anticipates reducing the capital cost ("Capex") of each of its Projects by 10% - 15% and the construction timelines are expected to be reduced by 3-5 months."

Over time, with what has transpired since and looking at other things going on around the same time as the aquisition, I am begining to think otherwise. If things do develop as we would "hope" with IM, the savings in engineering costs might be something worthwhile. Not sure how much above ground fabrication is required, bth. No, I'm beginging to beleive that it was more to do with Navantia. And, maybe, giving them a UK based ally that would allow them to bid on UK defence projects. Like the FSS, for instance.

Just a little side theory. :)

That does sound like a much larger job than could have been accomplished by the little Jenny D. But for a company the size of Jan De Nul it would right up their alley (creek). :)

Maintaining the depth of waterways seems to be one of their key areas of expertise.

https://www.jandenul.com/

I noticed the Belfast connection on their Linkedin page.

https://www.linkedin.com/posts/thamescraft_jenny-d-has-just-completed-her-latest-mission-activity-7130489301032677376-Om7x/

You beat me to it LSE. :) In my usual morning look around at marine traffic I noticed that the SeaRose is now showing up on land based AIS tracking and was about 500 miles off the tip of Ireland, eta on the 6th. Was going to do a comprehensive round-up later. Well spotted. Think we looked at the Apollo FPSO deal back in November and the link to Aberdeen and also of note that they are part of the Global Energy Group. Also noticed that the Monika, due into the building dock tomorrow has travelled from the port of Nigg, which is also part of Global Energy Group and a main hub that supports the renewables industry. Just a little connection.

While i'm here, I also, noticed that the Sea Wolff (Aremiti 5 )has been moving in and around the docks at Papeete. Maybe in preparation for the journey over to Belfast. And in another bit of investigating I discovered that the Jenny D's most recent trip to Belfast was for plough dredging for the maritime infrastructure company Jan De Nul. Maybe they were just on hand to pick up a barge while they were there. :) I saw that she was back in Falmouth but didn't see if it was via London.

Ah yes, only a couple channels to choose from, the three day week, jumpers for goalposts.....

I have a chart. :)

But it's been like a broken version of The Golden Shot. With Bernie only allowed to go right a bit and down a bit.

At one point in the past we engaged the services of CBRE Capital Advisors. They came with what was touted as, "a proven track record of raising capital and working for major financial institutions as financial advisor on large infrastructure projects."

It was announced that, "it is important that we will have access to the major investment that will be necessary to complement the funds available under the UK Guarantee Scheme to ensure that we are able to move into the construction phase of the programme, as seamlessly as possible." And...

"We are very pleased to have engaged CBRE and hope that they will secure this significant funding element."

At the time CBRE were also tasked with running the £100 million Northern Ireland Investment Fund.

That was launched to provide debt or equity finance for commercial property, regeneration and low carbon projects in Northern Ireland.

But, these things get announced to much applause and speculation but are then never heard of again.

So much like Dianna Ross, "I'm Still Waiting". :)

I assume also, that that was a rhetorical question, BT. :)

One would hope that we do actually find out something tangible after this latest court delay, Islander. You would think that they have an absolute cast iron plan, after all this elapsed time waiting around. I felt that we were kind of left hanging after the last day in court. All they seemed to manage was what JW was having as a celebratory supper. No firm plans were given then as they were going to "consider the appropriate next steps" but their assumption was that there would be an appeal. So we would have to wait. We have waited. Like the surfer in the Guiness ad. That's what we do. So i'm hoping that they will actually have a clear plan to annouce next week.

Because, in their own words, " In the meantime, the appeals process will not impede or obstruct ongoing conversations being held with several counterparties in relation to the most optimum pathway to monetise the project and the Company continues to make progress as planned." But then, we have hear similar spiel before....

" As announced on 20 December 2019, project funding has now been moved into 2020. The decision to take Final Investment Decision ("FID") in 2020 was a result of "POTENTIAL NEW FUNDING OPPORTUNITIES" available for the Project that could have significant long term upside gains for the Company, amongst which is the potential to retain a much larger project equity stake than originally envisaged.

Could the can finally come to rest. Or is there more kicking to be had just yet?

GLA. :)

I must have missed this thread yesterday as I was focused on getting my tax return in on time. Always like to live on the edge and leave it to the last possible minute. :)

As a bit of background, the idea was always to do it in two phases. Phase 1 being the first two caverns and then followed by another 6 caberns in phase 2. Somewhere over time that has changed to 7 in total.

The costs stated were from the time of RNS in Nov 2018 so adjustments required. Last figure I recall was £400m. Although you would need to double check that. Think it was in one of the presentation decks. I can't imagine the amount of time needed from FiD to being fully opperational would have changed much though. Unless there have been some major developments in solution mining, it takes as long as it takes.

"The economic modelling undertaken was on a range of cost estimates of £100m - £120m for delivering Phase 1 (2 caverns) only and £300m - £330m for including Phase 2 (adding an additional 6 caverns, resulting in a total of 8 Caverns). The combined FEED studies have delivered P90 cost estimates of £114m for Phase 1 only and £265m for including Phase 2, with an additional risk allowance of an aggregate total of £11.6m for both phases. The schedule has confirmed an expectation of injection of first gas for storage in 2022 with full operations (withdrawal and injection) expected in Q1 2023 assuming FID (final investment decision) is taken by the end of H1 2019. The Company continues to work with various potential partners in relation to providing funding for the Project and updates will be provided as appropriate."

There have been many of these updates over the years. Each one announced as if it was all on schedule and it everything was imminent. Have seen lazy journo's and share pundits make some right clangers mis-quoting old stuff as fact. Not saying that this is the case here, far from it. Have looked up the Prof. and his SFI research centre. But as the reference for the dates stated are not given we can only make assumptions. And those assumptions would depend on th eindivdual.

But I think with the best will in the world, operational by 2026 would be pushing it, given the above estimates and other unknown "enablers".

The Prof.'s website, fwiw.

https://www.marei.ie/

The delays in reaching FID have been many, and varied. Might be worth going back and reading some of the old RNS's.

Here's one at random from Dec 2019

" As a result of the outcome of the UK General Election last week, the Board has taken a strategic decision not to enter into a binding agreement with its preferred equity partner, with whom the Company has been in intensive negotiations to fund the Project and reach Final Investment Decision ("FID").

The UK is expected to exit the EU and numerous pledges have been made in relation to strategic infrastructure project development funding. The Board believes that there is potential to capitalise on one or more of these funding opportunities that are expected to arise over the course of the next few months. If the Board is successful it may result in the Company retaining a significantly higher equity portion in the flagship Project going forward. The Board's preferred equity partner is understanding of the position taken, given that a government supported funding programme will likely de-risk project economics significantly for all shareholders, both at the Company and project levels.

In the long run, the Board expects this is likely to result in a substantial increase in shareholder value. The Board expects to be in a position to have fully evaluated the available options within the next three to six months. If at any time during this process the Board considers that the Company's interests are likely to be adversely affected, it shall seek to revert to one of the current potential equity partners immediately with a view to formally concluding financing arrangements for the Project.

John Wood, Interim Chairman and CEO of InfraStrata, said:

"Whilst we are not taking the Final Investment Decision for the Islandmagee project as envisaged at this point in time, we firmly believe that given our forecasted project lifecycle revenues in excess of £1.2 billion, securing a financial structure that facilitates the Company to retain a majority equity holding in the project is the most appropriate route to pursue. Whilst government policy in relation to new infrastructure funding is still in its conceptual stage, we firmly believe that it is crucial for us to investigate this funding mechanism and determine its commercial and financial viability.""

In their favour, the Appledore yard did make the bow sections for HMS Queen Elizabeth and the HMS Prince of Wales, although the yard was owned by Babçock at the time.

Hardly, Xenor. Bit of a cheap shot and have some perspective. Not constructive, imo

I just put, "Islandmagee decisions waiting for a NI assembly" into the googler and hey presto!

"Islandmagee Gas Storage Facility approve £150k consultancy expenditure to look at options for public finance"

Am I getting warmer?

https://www.itv.com/news/utv/2022-12-16/full-list-of-decisions-awaiting-approval-at-stormont

Yeah, sorry not that one, but I know the one you mean. Beleive it was either in the Belfast Telegraph or Belfast live or some such. Doing a search brings up so many as it's obviously been an issue for quite some time.

This of any use, Stokey?

https://www.daera-ni.gov.uk/publications/all-decisions-awaiting-ministerial-approval-and-details-decisions-taken-by-civil-servants-absence

What? On a Type 83 Destroyer?

You could be right there, LSE. lol Speaking as a trades person that has been involved in some large, time critical refurbs. If you asked me in my "downtime", after a fourteen hour shift, you might not get the kind of response you wished for. Think you would struggle to even get me out of the bar. Where I would normally be, drinking my supper. :)

Notice that the age of when you start paying full price differs between the two companies. Something travelling families with teenagers will sure to notice. SSC is 12+ and SF is 16+.

Yeah, I'm not sure I actually care enough to be either nervous or relaxed about the whole episode, tbh. :)

Time will tell, once it's up and running, how the full list of prices stack up against the SSC. Allowing for possible differences in regularity, journey times and degrees of comfort between the two current vessels. Until such time that their new ferry gets built and delivered or Scilly Ferries gets a replacement.

Did a translate and it seems they are getting rid of it as it was too expensive to run, on their particular route.

"At the end of the harbor of Papeete since last July, the Aremiti 5, which connected Tahiti to Moorea, is no longer part of the equation. “We regret a little, but it would be too expensive to operate towards the peninsula,”

Working over here and, dare I say, people willing to/ having to pay a bit more then the running costs might not be such an issue. I assume it will do for now, just to get them up and running, as it's only a stop-gap until something better, and more economical, gets built, bought, leased.....