RCS - Orbital Marine Power - Orbital signs preferred supplier agreement

15 May 2024

Orbital Marine Power Ltd

("Orbital" or the "company")

Orbital Marine Power and Global Energy Group sign preferred supplier agreement

Agreement confirms the build and launch of the next generation of Orbital floating tidal turbines in Nigg, Scotland

Orbital Marine Power, the renewable energy company focused on the commercial deployment of its innovative floating tidal turbine technology, has selected Global Energy Group as preferred supplier to lead the manufacture and assembly of turbines for the company's initial Orkney projects which have secured contracts under the UK Government's Contract for Difference auction rounds 4 and 5.

It is anticipated that turbine manufacture will start at Global Energy Group's Port of Nigg facility on the Cromarty Firth, later this year with first power expected from the Orkney connected projects in 2026.

These projects will build on the success of Orbital's O2, the world's most powerful tidal turbine. Located off the Orkney coast, it was launched and started operation in 2021, offsetting around 2,000 tonnes of CO2 per year, and powering 1,700 UK homes while creating high value jobs within the local economy over the course of its operational life.

In keeping with the company's vision of using a predominantly UK based supply chain for the manufacture and installation of its tidal projects, Orbital expects to demonstrate an unparalleled level of UK job creation on a per MW basis with the delivery of its CfD projects.

Andrew Scott, CEO of Orbital Marine Power, said: "Orbital is committed to ensuring tidal stream energy can make a complementary and material contribution to the UK's decarbonising ambitions while also supporting a just transition by creating a new industrial sector led from the UK and our home in Scotland. The selection of Global Energy Group is a significant step towards that vision."

Iain Sinclair, Executive Director at Global Energy Group, said: "We are delighted to have been selected by the Orbital team as their preferred supplier for the manufacture and assembly of their innovative floating tidal technology.  This is a real vote of confidence in our people and the integrated capability at the Port of Nigg. Importantly, it further demonstrates our commitment towards delivering a high quality, cost competitive, localised value proposition, for the multi-technology approach required for the successful decarbonisation of the UK's energy sector."

Ends

About Orbital Marine Power Ltd.

Scottish-based Orbital Marine Power (Orbital) is a visionary renewable energy company focused on the application of its pioneering floating turbine technology that can supply predictable power from the world's tidal streams and ocean currents, every day, regardless of the weather.

As global efforts to reduce carbon emissions intensify across economies and through essential industries, demand for low-carbon energy is increasing and market premiums are emerging for solutions that offer dependable clean energy that is neither linked to the wind nor the sun.

Orbital is the market leader in the race to commercially harness the as-yet untapped, unique energy source powered from the orbits of the Earth and Moon around our sun and already operates the world's most powerful tidal turbine, the 2MW O2.

Orbital is launching its commercial growth trajectory into a 100GW+ global market with the delivery of its first, build-ready, multi-MW tidal projects that benefit from already-secured, Contract for Difference (CfD), power contracts with the UK Government.

More information about Orbital can be found here: www.orbitalmarine.com

The inspiring story of the O2, from concept to power generation, in under two minutes can be viewed here.

Media contacts at Orbital Marine Power:

Sarah Clark, Marketing & Media Manager: s.clark@orbitalmarine.com

Tom Gillingham, Charlotte Street Partners: tom.gillingham@charlottestreetpartners.com

About Global Energy Group

Founded in 2005, Global Energy Group is one of the UK's leading integrated energy supply chain and infrastructure service providers, operating across the energy industry.  Since 2011, Global Energy Group has owned and operated the Port of Nigg, investing more than £120m into its ongoing redevelopment and cemented its position as an offshore renewable Green Freeport 'Superhub'.

With over 40-years of industry experience, Global Energy Group is a leading partner of choice within the energy industry, with the capability and capacity to manufacture projects of all sizes and levels of complexity. The scale and range of our dedicated facilities across Scotland, coupled with the organisation's specialist expertise, enables Global Energy Group to deliver projects safely, efficiently, and cost-effectively.

Global Energy Group's long-term success has stemmed from its highly experienced leadership team, proactive investment strategy and an unwavering commitment to innovation, quality, and health & safety.

More information about Global Energy Group can be found here: www.gegroup.com

Media contacts at Global Energy Group:

Sarah Dunn, Marketing & Communication Director: sarah.dunn@gegroup.com

Stuart Butler, Marketing & Communications Manager: stuart.mbutler@gegroup.com

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