Atlantis to divest 50% stake in AOCL to DP Energy

9 January 2018 (Last Updated January 10th, 2018 06:58)

Atlantis has agreed to divest a 50% stake in its joint venture (JV) Atlantis Operations Canada (AOCL) to its partner DP Energy.

Atlantis has agreed to divest a 50% stake in its joint venture (JV) Atlantis Operations Canada (AOCL) to its partner DP Energy.

A conditional sale and purchase agreement has been reached, which will allow DP Energy to take full ownership of AOCL.

Upon completion of the sale, AOCL will be renamed.

“The acquisition will allow Atlantis to focus on other opportunities in the UK, Europe and Asia.”

Atlantis CEO Tim Cornelius said: “Following completion of this transaction, Atlantis will continue to actively offer and market its world-leading turbine systems, subsea connection equipment, offshore construction and project management services to all developers in Nova Scotia at FORCE and as the larger arrays are built out in the Bay of Fundy.

“Canada remains an important growth market for the Group.’

Subject to approval from the Nova Scotia Minister of Energy, the acquisition will allow Atlantis to focus on other opportunities in the UK, Europe and Asia. However, Atlantis will continue to participate in all future tenders in Canada as an equipment and services supplier.

Cornelius added: “The transaction also affords us the opportunity to focus on our ongoing successful development programme at Meygen in Scotland and pursue our ambitions to develop on identified opportunities for us in France, South Korea, The Philippines and other South East Asian locations.”

The deal will allow DP Energy to focus on the development of the AOCL berth Charlie, alongside its other managed berth Echo at the FORCE facility in the Bay of Fundy.