4C is now TGS

We are excited to announce a significant milestone in 4C Offshore's journey. Our integration into the TGS family marks the beginning of a new era in offshore wind market intelligence.

Learn what this means for you!

Atlantis picks up MCT

By: Lewis Holdsworth 29/04/2015 Atlantis Resources

General Tidal

Atlantis, a global leader in the tidal power sector, is pleased to announce that it has reached agreement to acquire the entire issued share capital of the Bristol based tidal business, Marine Current Turbines Limited, (“MCT”) from Siemens AG (“Siemens”) in an all share deal. The acquisition is conditional upon certain conditions precedent being satisfied.

Ongoing working capital of MCT to be financed by a loan package provided by leading Scottish energy services contractor Global Energy Group. Interest on the loan will accrue at the rate of 4.5% per annum and be rolled up and repayable in May 2018 at the same time as the principal amount.

Tim Cornelius, CEO of Atlantis, commented:

“We are delighted to be acquiring this leading British tidal power company from Siemens which firmly positions Atlantis as a leader in UK tidal power and globally. Marine Current Turbines has developed a world leading tidal turbine, a world class engineering team, unrivalled expertise in long-term turbine operations and testing through its SeaGen installation at Strangford Lough and an impressive portfolio of projects under development across the UK.

“We welcome Siemens as an Atlantis shareholder. This deal sees two industry leaders, MCT and Atlantis, combining to underpin the UK’s position as one of Europe’s tidal power leaders.”

Atlantis will acquire MCT’s extensive tidal turbine intellectual property portfolio and the designs for MCT’s turbines, including its next generation 1 MW fully submerged SeaGen turbine (“SeaGen U”) and its 1MW SeaGen system designed for floating deployment applications (“SeaGen F”). The SeaGen 1MW systems will complement Atlantis’ AR1500 1.5 MW turbine through offering a lighter weight, lower cost turbine suited for project sites with slower flows or where floating turbine structures are required, such as at deep water locations. MCT’s industry leading drivetrain, turbine blade and operations and maintenance expertise is highly complementary to Atlantis’ leading offshore operations, connections and foundation experience.

Siemens will continue to supply MCT with standard components for its tidal power turbines and projects. Alongside the acquisition, Siemens and Atlantis have agreed to explore respective opportunities for the future.

Atlantis is acquiring MCT on a debt free basis. For the year ending 30 September 2014, MCT made a post-tax loss of £7,293,000, which was largely due to £6,828,000 of expensed research and development and associated costs. As the technology enters its commercialisation phase, research and development expenditure is expected to reduce markedly.

Achim Woerner, CEO Hydro & Ocean Power at Siemens Wind Power and Renewables Division, commented:

“We are pleased that Atlantis, one of the strongest players in the comparatively new segment of tidal stream, has acquired Marine Current Turbines. This will enable the areas of competence of Marine Current Turbines, in particular its engineering capabilities, to be retained. Siemens will continue to cooperate with respect to component supply with MCT / Atlantis in the future.”

Gordon Ronaldson, Executive Vice President of Global Energy Group's Process & Equipment business, commented:

“We are delighted to have played a role in assisting in the consolidation of the tidal power market in the United Kingdom. There is a real opportunity through this acquisition to establish Scotland as the centre of excellence for the sector, in terms of IP ownership, project development and manufacturing. This is an important and exciting milestone in establishing Nigg as Scotland’s main construction and logistics base for offshore renewables. We look forward to welcoming the enlarged Atlantis group to Nigg Energy Park and to supporting their various projects in Scotland and throughout the UK.”

Premium

4C Offshore Premium, our most popular subscription, gives you full access to use the 4C Offshore WebApp which includes exclusive offshore wind, transmission and vessel reports, news and downloads.

Request a 30 minute Demo

Atlantis picks up MCT

Back to News

Trending News!