Pacific Green Executes Agreements Totalling an Estimated $79.6m to Supply 52 Vessels by Scorpio Tankers Inc. With Options for a Further 28 Vessels
Pacific Green Technologies Inc. (PGTK) (OTCQB: PGTK), owner of the ENVI-MarineTM Exhaust Gas Scrubbing System (System), is pleased to announce that its wholly owned subsidiary, Pacific Green Marine Technologies Inc. (PGMT), has executed an agreement to manufacture its System for 52 vessels owned or managed by SCORPIO TANKERS INC. (NYSE: STNG) (Agreements).
The Agreements provide for 42 vessels in 2019 and 10 vessels in 2020. Pricing is based on the size of each vessel’s exhaust gas emissions in accordance with PGTK’s Pricing Curve concept. The Agreements are currently estimated to have a total value of USD$79.6m subject to further engineering studies.
In addition to the Agreements, PGMT and SCORPIO TANKERS INC. have executed a Framework Agreement whereby SCORPIO TANKERS INC. can elect for PGMT to design and engineer the System for up to a further 28 vessels in 2020 subject to certain criteria being met.
PGTK’s partner, PowerChina SPEM Company Limited, will work alongside PGMT to ensure the successful execution of the project.
Source: Pacific Green Technologies, Inc.