Interim Results for period ending 30 June 2015


(“Atlantis”, the “Company” or the “Group”)

 (Click here to download the full version including Chairman’s Statement and financials.)


Atlantis Resources Limited, a vertically integrated turbine supplier and project owner in the tidal power industry, is pleased to announce its Interim Results for the six months to 30 June 2015.



MeyGen Project

  • In January, works started in Caithness in northern Scotland at the MeyGen onshore control centre site. Access roads and construction infrastructure began to take shape throughout February
  • Since the beginning of the year, almost 6,000 tonnes of steel delivered for ballast fabrication which will be used to weigh down the turbine foundations
  • In April directional drilling works started on the MeyGen site
  • Onshore drilling rig bored beneath the low cliffs of the shoreline to create the first of four ducts, each more than half a kilometre in length. This first duct was completed and lined in April, with progress continuing at the rate of one per month thereafter – all ducts were completed by end of July

Turbine Technology

  • In March, Atlantis cemented its long standing relationship with Lockheed Martin (“Lockheed”) with entry into a turbine construction contract which will see Lockheed delivering the first AR1500 turbine to the MeyGen project in 2016
  • In July, we entered into a lease with Global Energy Group for a workshop and turbine assembly facility at the Nigg Energy Park on Scotland’s Cromarty Firth
  • The Group was strengthened with the addition of the experienced Marine Current Turbines team, the proven SeaGen turbine system, and a significant portfolio of UK tidal power project opportunities


  • In April, we executed a sale and purchase agreement with Siemens AG for the acquisition of Marine Current Turbines Limited (“MCT”) in an all share deal – Siemens is now our second largest shareholder
  • In August we welcomed Ian Cobban onto our board of directors. Ian has over 30 years of experience in the subsea sector, which will be invaluable to Atlantis as the MeyGen project enters its offshore construction phase


Tim Cornelius, Chief Executive of Atlantis, commented:

“The first half of 2016 has been full of exciting developments for Atlantis, with construction works starting on the MeyGen onshore control centre in January and onshore drilling of all four ducts completed by the end of July. We successfully acquired MCT which adds the proven SeaGen turbine system to Atlantis’ portfolio, along with MCT’s experienced team, and we were pleased to welcome Siemens as our second largest shareholder.

 “Post the period end, the Company raised £2.5m in a placing which provides the funds to continue to progress the Company’s strategy and bring further projects around the UK towards development. The newly strengthened Board, following the appointment of Ian Cobban in August, continues to look to the future with confidence.”


 For further information please contact:

Atlantis Resources Limited

via FTI Consulting

Tim Cornelius, Chief Executive Officer


Duncan Black, Chief Financial Officer




Peel Hunt LLP (Nominated Adviser and Broker)

+44 (0) 20 7418 8900

Daniel Harris

Jock Maxwell Macdonald

Euan Brown




FTI Consulting

+44 (0) 20 3727 1000

Ben Brewerton / Alex Beagley / Stephanie Blott / James Styles


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