DECEMBER 5, 2018 — Scorpio Tankers and Scorpio Bulkers have announced that they are to fit up to 126 vessels with "hybrid ready" exhaust gas cleaning systems by 2020, if all options are exercised (see earlier story). The scrubbers selected will be ENVI-Marine systems supplied by Pacific Green Technologies Inc. (OTCQB: PGTK) subsidiary, Pacific Green Marine Technologies Inc.
Pacific Green says that pricing is based on the volume of each vessel’s exhaust gas emissions and that the agreements with Scorpio Tankers are currently estimated to have a total value of $79.6 million subject to further engineering studies, with the agreements with Scorpio Bulkers estimated to be worth $42.4 million.
The agreements with Scorpio Tankers cover scrubbers for 42 vessels in 2019 and 10 vessels in 2020 with options for for up to a further 28 vessels in 2020. The agreements with Scorpio Bulkers provide for 18 vessels in 2019 and 10 vessels in 2020 with options for up further 18 vessels in 2020
Pacific Green says that its partner, PowerChina SPEM Company Limited, will work alongside it to ensure the successful execution of the project.
PowerChina SPEM is a subsidiary of PowerChina, the largest power equipment manufacturer in the PRC and is owned by the Chinese Government.