Under the MOU, Provaris and Northern Marine will develop a Technical Partnership to support the ongoing engineering and development program of Provaris’ first GH2 Carrier, the H2Neo.

Northern Marine will support the development and commercialisation of the H2Neo ship, bringing 40 years of ship management, naval architecture, marine engineering, regulatory and marine quality assurance expertise.

Provaris and Northern Marine will also review commercial opportunities for a fleet of H2Neo carriers currently under development, to which the parties will then agree on terms for Northern Marine to provide ship management services on a contractual basis.

Philip Fullerton, Managing Director of Northern Marine commented: “We are very pleased to support Provaris Energy on the development and future operation of their innovative GH2 Carrier. At Northern Marine, we operate at the vanguard of safe and sustainable shipping and relish the opportunity to deploy our operational capability on world-leading new energy projects, such as the Provaris H2Neo development program.”

Martin Carolan, Managing Director & CEO of Provaris commented: “A partnership with a globally recognised ship manager like Northern Marine is an endorsement of our development for a compressed hydrogen carrier and an indication of the commercial potential as a new class of bulk carrier to support the transport of green fuels, in this case green hydrogen.”

George Mermiris, General Manager and Director of Tritec Marine, Northern Marine’s Engineering Consultancy subsidiary, commented: “A project of this significance demands the highest quality of technical service underpinned by extensive experience and meticulous scrutiny. It is a privilege to support Provaris Energy with a comprehensive package of engineering, newbuild supervision and further consultancy support to ensure the successful build, approval and deployment of a new type of vessel that will contribute to a more sustainable future for us all.”

Sean McCormack, Ship Management Director, Northern Marine commented: “We are delighted to have reached an agreement to support Provaris Energy. Given our breadth of experience and market-leading status in managing some of the most innovative newbuild gas carriers currently deployed in the world fleet, Northern Marine is ideally placed to support Provaris with tailored technical and crew management solutions to ensure the safe operation of their GH2 Carrier Fleet.”

Details of the Technical Partnership and Services

The MOU and Partnership will cover specialist technical and operational services to support Provaris’ GH2 Carrier development program, including:

1. • Detailed engineering
   • Class and Flag approvals
   • Shipyard selection and newbuild contract
   • Compliance and certification for safety and operations
   • Newbuild supervision
   • Financing, insurance, and operational contracts

Per Roed, Provaris’ Chief Technical Officer commented: “The support from Northern Marine to date on our H2Neo development program has been great, and I look forward to working closely with their technical and operational experts. The opportunity for Provaris to leverage their global experience and expertise in engineering, approvals, newbuilds and operations will enable the Company to have the first H2Neo ship on water and operational in 2026, to support the pipeline of hydrogen export projects we are now developing in Australia and future opportunities now under review in Europe.”

The term of the MOU is 12 months and sets out an agreed schedule of activities across multiple phases of the remaining development of the H2Neo carrier, which is targeting Approval for Construction mid-2023. The MOU is non-binding and non-exclusive to the services provided.

ENDS

About Provaris Energy Ltd

Provaris Energy Ltd (ASX: PV1) is the leading developer of integrated compressed hydrogen projects for export to regional markets. Our purpose is to develop green hydrogen supply chains that are simple and efficient to enable the global transport of zero-carbon energy.

Provaris is developing a portfolio of integrated green hydrogen projects, leveraging our innovative compressed hydrogen GH2 Carrier with a focus on value creation through innovative development that aligns with our business model of simplicity and efficiency.

The choice to support all development phases of a project is in line with Provaris’ strategic desire to develop and invest in profitable hydrogen projects across the value chain, with a measured risk profile, and to retain an equity position of these assets over the long term.