cont15 Apr 2011 09:57
Through this joint venture with Harren, we will secure a state of the art vessel to operate on this ground-
breaking project. This will ensure that we have the best available equipment and the greatest operational
efficiency and flexibility in bringing Solwara 1 into production."
"It brings to the project the extensive shipping expertise and experience of Harren, which operates a fleet of
56 vessels around the world. In addition, an important aspect of the transaction is that it provides access to
bank funding through the joint venture vehicle, enhancing capital flexibility for the project," he said.
Harren Chairman, Peter Harren said the company was very familiar with international strategic partnerships,
which have been a foundation of its business during its 20 years of operation. "During the course of our
negotiations with Nautilus, we have built a strong relationship and believe that working together we can make a
major contribution to this exciting project in Papua New Guinea," he said.
Harren has completed preliminary design for the vessel, a multi-purpose dry cargo ship classed by Germanischer
Lloyd. It has a length of 208m, beam of 40m, a deadweight capacity of approximately 18,800 tonnes and a speed
of 17 knots. (See links 1 and 2 below for pictures of the vessel).
The vessel will house generator sets producing 30MW of power for the vessel, seafloor production tools and
associated pumping machinery, and will have on-board accomodation for up to 160 people, including 30 maritime
crew. The vessel is to be built at a German shipyard.
In addition to the Production Support Vessel, the other major pieces of equipment to be built prior to the
start of operations include:
/T/
1. The Seafloor Production Tools. Three remotely operated machines - an
auxiliary cutter, a bulk cutter, and a collecting machine - are in the
final stages of design by UK company Soil Machine Dynamics. The design
of these machines is based on technologies that are tried and proven in
the oil and gas, trenching, marine dredging and mining industries. Key
contracts are now in place for cutting heads, tracks and the launch and
recovery system.
2. The Riser and Lifting System, which pumps the slurry from the seafloor
to the Production Support Vessel. The design, being carried out by a US
subsidiary of French group Technip, is close to finalisation with
component testing now under way.
/T/
These items of equipment are scheduled for delivery in early 2013 and will be wholly-owned by the Mining JV.
Total capital cost estimate to complete the offshore production system for the Solwara 1 project have been
reviewed in light of the Harren transaction. The total capital cost for the extraction of ore from the seafloor
and delivery to the Port of Rabaul is now estimated to be approximately US$407 million. The US$167 million cost
of the Production Support Vessel is tr
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