7 Jul 2010 07:00
For immediate issue: 7 July 2010
SeaEnergy PLC ("SeaEnergy" or the "Company")
NCSC and SeaEnergy Renewables sign Strategic Cooperation Agreement
SeaEnergy PLC is pleased to announce that its 80% subsidiary SeaEnergy Renewables Ltd (SERL) and Chinese company Nantong COSCO Ship Steel Structure Co. Ltd (NCSC) have signed a Strategic Cooperation Agreement (SCA) to develop and market steel structures for the offshore wind industry. This marks the first significant agreement in offshore wind between a Scottish company and a major state-owned Chinese enterprise. The COSCO Group is one of the major multinational enterprises in the world; China's largest and the world's leading group specializing in global shipping, modern logistics and ship building and repairing.
The SCA is expected to lead to a definitive agreement to develop and market turbine jacket substructures, towers and access systems for offshore wind farms. The companies will now work together over the coming months to develop a detailed business plan and commercial framework which will form the basis of their ongoing relationship.
The agreement was signed in Shanghai in the presence of Scotland's First Minister Alex Salmond and representatives of the British and Chinese governments. The relationship between the two companies developed following an initial meeting at the China WindPower conference in 2009.
SERL's CEO Joel Staadecker said: "We are delighted to be working with one of China's premier state-owned enterprises and directing our efforts at the critical supply chain need for offshore structures. The combination of our proven skills in delivering offshore infrastructure and turbines in deeper water and NCSC's expertise in design and manufacture of steel structures for marine applications provides the ideal platform to serve the growing global offshore wind industry as it moves into deeper waters."
Wang Zhihua, General Manager of NCSC said: "The signing of this strategic cooperation agreement with SeaEnergy Renewables is an important milestone in NCSC's expansion into the European Market. Partnership with SeaEnergy will combine NCSC's fabrication infrastructure with SeaEnergy's outstanding expertise in the offshore environment. Together, both companies will be excellently positioned to move forward in this industry."
Both companies believe that combining their expertise and resources will allow them to benefit jointly from the opportunities in the offshore wind industry as it develops across the world. NCSC is a member of the state-owned COSCO Group which specialises in designing and manufacturing heavy steel structures. SERL is an independent offshore wind energy developer, and comprises the team which conceived, developed and delivered the world's first deep water wind farm development - the Beatrice wind farm off the coast of Scotland.
For further information contact:
SeaEnergy PLC +44 1224 748 480 Steve Remp, Executive Chairman
SeaEnergy Renewables Ltd +44 1224 766 100 Joel Staadecker, CEO
Nantong COSCO Ship Steel Structure Co Ltd +86 513 85701865 Zhang Jianxin, Zheng Zilin +86 513 85719011
Ambrian Partners Limited - NOMAD & Broker +44 20 7634 4700 Andrew Craig, Ben Wright
Kreab Gavin Anderson - PR to SeaEnergy +44 20 7074 1800 Ken Cronin, Kate Hill, Andrew Jones
NOTES TO EDITORS
SeaEnergy PLC
SeaEnergy PLC is the only listed pure play offshore wind energy company in the UK. SeaEnergy Renewables Limited (SERL) is an 80% subsidiary of the Company and is made up of the team which conceived, developed and delivered the world's first deep water wind farm development - the Beatrice Demonstrator offshore wind farm (10MW) (the "Beatrice Demonstrator Project") which is owned and operated by Talisman Energy. The Beatrice Demonstrator Project involved the installation of the two largest wind turbines (5MW each) ever deployed offshore, at water depths of 45 metres. This, combined with the SERL team's expertise in delivering deep water offshore developments in the oil and gas industry, puts SeaEnergy in an unrivalled position at the vanguard of the emerging offshore renewables industry.
Prior to the UK Round 3 award SERL had secured a 25% interest in two Scottish offshore farms, Beatrice and Inch Cape. The recent award of UK Round 3 of Zone 1 with partners EDPR takes SERL's net capacity in the UK to over 780MW, SERL has also signed a Heads of Terms Agreement to develop offshore wind farms in Taiwan with Taiwan Generations Corporation.
SERL was voted Rosenblatt New Energy Company of the Year in February 2010.
About NCSC
NCSC is a member of the COSCO Group which specialises in designing and manufacturing heavy steel structures, and is one of the backbone companies comprising COSCO's investment in Nan Tong. Its total investment is around RMB300 million with registered capital USD19.22 million. NCSC is located in Lang Shan Mountain on the Yangtze River, which has more than 2,000 meters of coastline, 340,000 ㎡covering land and 25,000 DWT of multifunctional quay. This gives NCSC access to convenient transportation and exceptional geographic advantages.
NCSC is a manufacturer that specializes in the production, design and manufacturing of hatch covers, heavy gantry cranes, bucket wheel stackers, ship unloaders and other heavy steel structures. As the market is expanding, NCSC is setting up a new site which is double the size of the existing site at the mouth of the Yangtze River, and the first phase of the construction is expected to be completed by July 2011. The total investment for the first phase of the new site will be around RMB500 million. NCSC is keen to enter into the offshore wind market.