Minesto seeks new supplier as Ocean Resource bails

 
Minesto has decided to engage a new supplier for the construction of a foundation for its Deep Green project as a result of the discontinuation by current supplier Ocean Resource.

Ocean Resource, who was originally awarded the delivery of the gravity-based structure (GBS) foundation for the first commercial-scale installation of Minesto’s tidal power plant Deep Green, has informed Minesto that it can no longer meet their financial commitments to their subcontractors, leaving them unable to fulfill their contractual obligations to the Swedish tidal developer.

The scope of the contract with Ocean Resource consists of the design, manufacturing and delivery to Holyhead of one GBS foundation.

Minesto said the design phase has been successfully completed, with the construction phase having been initiated for a few weeks when Ocean Resource informed it of their financial situation.

As a result of Ocean Resource’s inability to continue the project, Minesto said it was left with no option but to accept the termination of the contract, and engage with a new supplier to build the GBS foundation.

Martin Edlund, CEO of Minesto, said: “We have taken immediate actions to ensure the continuation of the Holyhead Deep project and our long-term commitment in Wales. Suppliers have been evaluated and shortlisted and negotiations with them are ongoing. To keep the project on track and minimize any delays and other risks associated with this situation, we intend to engage a new supplier within short.”