Ocean Infinity - Experts & Thought Leaders

SRT Marine Systems plc (SRT), a global provider of maritime domain awareness systems and technologies for security, safety, and environmental protection, is pleased to announce that it has agreed a substantial investment and short-term finance bridge support package from existing shareholder Ocean Infinity (OI), worth approximately £31 million.   Finance support package This new financing allows SRT to immediately satisfy the need for the substantial performance bond required under the terms of the recently announced $213 million contract, which is expected to be signed and commenced on Thursday, October 31st, 2024. It also provides a foundation to support the simultaneous proceeding of three other contracts worth an additional $210 million during the next quarter. All four contracts will have parallel implementation periods over the next two years, with follow-on support phases of up to 10 years. Components of the package The finance package has multiple interlinking components as defined below: SRT will issue up to 21.5 million new ordinary shares at an issue price of 35p per share by way of a placing which is entirely underwritten by OI, raising gross proceeds of £7.5 million. Existing shareholders will be given the right to acquire up to a maximum of 7.5 million shares in aggregate, with OI reserving a minimum of 14 million shares. Subject to shareholder approval, the Company has agreed to complete the fundraising at the earliest opportunity in November. A further announcement will be made in due course. OI has provided a $21.4 million guarantee to SRT to enable SRT to issue a contract performance bond of similar value. The OI guarantee is initially provided as a cash loan of $21.4 million with an interest rate of 0.75% per month. The loan is expected to be repaid by SRT with a period of approximately one month and replaced with a bank guarantee on OI's behalf. The OI bank guarantee itself will then be replaced within the next 6 months using a combination of SRT's own resources and UKEF export guarantee programme. In return for providing this guarantee, OI is being granted 20,000,000 warrants at a strike price of 35p, with an exercise period of 3 years, which when exercised will inject a further £7 million equity for SRT. In the event that SRT does not replace the OI guarantee within 8 months, a further 4 million warrants per month will be issued with a strike price equal to a 15% discount on the share price at the relevant time. Oliver Plunkett, Board Member and CEO of OI, will join SRT's board as a Non-Executive Director, following the completion of the placing. Transformational leap Simon Tucker, CEO of SRT Marine Systems, commented, "This financing package enables SRT to make a truly transformational commercial leap and very significantly accelerate the financial performance of the Company through the simultaneous delivery of over $400 million of contracts and with capacity for more." Simon Tucker adds, "Besides the obvious product and technology synergies between OI and SRT in the MDA space, we are fortunate to have this level of support, which enables us to confidently deliver on these contracts, while also taking full advantage of our growing pipeline of future opportunities, which we expect to continue to grow, and deliver a flow of more new contracts." Maritime data and systems Oliver Plunkett, Group CEO of Ocean Infinity, commented, "This contract awarded to SRT in which Ocean Infinity will play a key supporting role is precisely the kind of opportunity to work together that we foresaw when we first invested in the Company. We strongly believe in the relationship, the wider market opportunity for maritime data and systems, and the long-term potential for both companies to continue working together to benefit our clients and each other." Oliver Plunkett adds, "That long-term vision is why we have seized this opportunity to provide additional equity funding to SRT, as well as help out in the short term with a bridge guarantee, which will facilitate SRT providing the necessary up front contractual guarantees to their customer, as they wait for UKEF to complete their processing."

At the SMM trade fair, DNV celebrated three advances in the ongoing development and deployment of autonomous technologies in shipping. Ocean Infinity was awarded a Statement of Compliance, while Avikus and Reach Subsea received certificates recognising their ongoing collaborations with DNV. Autonomous shipping Autonomous shipping covers many aspects of shipping’s new technological landscape – everything from systems to aid decision-making, control speed, and direction, remote controlled operation, and fully unmanned vessels.  This evolution is still in its early stages, however, making close collaboration between stakeholders essential to realising the potential gains in safety, efficiency, and sustainability. Shipping efficiency and safety Knut Ørbeck-Nilssen, CEO of DNV Maritime, said, "As the maritime industry becomes more technologically advanced, DNV is committed to collaborating with industry pioneers to enhance the efficiency and safety of shipping." He adds, "In the absence of a regulatory scheme for the industry, we are developing guidelines and class notations that have been designed to evolve with the rapid advancements in autonomous technologies." Statement of Compliance Ocean Infinity’s vessel concept as the first fleet to reach the required standard of technology and operations At the SMM Trade Fair, Ocean Infinity was awarded a Statement of Compliance for its remotely supported vessel operations. Receiving this approval establishes Ocean Infinity’s vessel concept as the first fleet to reach the required standard of technology and operations for large vessels, and permits the beginning of onshoring marine-related tasks and activities. Innovation and technology Oliver Plunkett, CEO at Ocean Infinity, said, "Since we started the business, Ocean Infinity has been about innovation, technology, and pushing the boundaries in the maritime industry." He adds, "This is a significant achievement for the team. My congratulations go to them all, as well as those who have worked with them and contributed at DNV and Vard, our shipbuilder."  Technology-driven progress Oliver Plunkett continues, "As we deliver our services to our customers, we are continually balancing the need for technology-driven progress with safely bringing them solutions." He further said, "Our approach is to pioneer with speed but not haste, becoming the first organisation to receive this Statement of Compliance is a testament to that. I am looking forward to watching as we begin to put our ideas of onshoring marine activities and tasks into practice." HiNAS decision support system HiNAS assists navigators by enabling ships to avoid collisions while maintaining optimal routes and speeds During day two of SMM, Avikus, HD Hyundai’s ship autonomous navigation subsidiary, and DNV celebrated the start of the test phase for the HiNAS decision support system. HiNAS assists navigators by enabling ships to avoid collisions while maintaining optimal routes and speeds. After receiving a DNV design verification report (DVR) in September 2023, the new testing phase plays an important role in the Type Approval process for the HiNAS decision support system. Autonomous navigation solutions Dohyeong Lim, CEO of Avikus, said, "We are excited to be working towards the first Type Approval for autonomous navigation solutions under DNV’s regulations, a pioneering maritime classification society." He adds, "As this is a world-first initiative, we are navigating unexpected challenges, but our close collaboration is establishing verification standards and methodologies."  Maritime Autonomous Surface Ships (MASS) Dohyeong Lim continues, "This milestone is significant for both DNV, which is at the forefront of setting international standards for Maritime Autonomous Surface Ships (MASS), and Avikus, which is advancing and commercialising autonomous navigation technology." He further said, "Avikus will continue to support DNV’s efforts and collaborate across various areas to further develop and approve this technology." Reach Remote Reach is working towards a certification that will enable full autonomy in the future Another project sees Reach Subsea, working with DNV on the testing of the 'Reach Remote', their DNV-classed 24m unmanned survey vessel, which is designed to be operated remotely from its deployment. While the vessel is currently remotely operated from a mothership, Reach is working towards a certification that will enable full autonomy in the future. At SMM, the parties celebrated the ongoing cooperation and reflected on the potential of the uncrewed operations to revolutionise offshore subsea operations. Marine technology project Bjørg Mathisen Døving, Vice President at Reach Remote, said, "Reach Remote is a groundbreaking marine technology project that has demanded significant effort from everyone involved." He adds, "With no rules to steer towards, DNV's role has been valuable, also to me personally on how to navigate in a complex and uncharted environment." Additional class notation DNV has developed an additional class notation focused on autonomous and remotely operated ships (AROS), providing a framework for how auto-remote vessels can achieve equivalent or higher safety compared to conventional vessels. The notation, which is currently on hearing, applies functional requirements combined with a risk-based approach to assess the various possibilities of autonomous and remotely operated vessel concepts. DNV-CG-0264 The AROS notation is a result of many years of lessons learned by using the DNV-CG-0264 (class guidelines for autonomous and remotely operated ships) to evaluate autonomous ship concepts in collaboration with many innovative companies worldwide. DNV-CG-0264, initially launched in 2018, has also been updated to include the knowledge acquired with real-life projects. The new edition of the class guideline is also on hearing.

Ocean Infinity has achieved a groundbreaking milestone in maritime innovation, receiving a Statement of Compliance (SOC) from DNV for its revolutionary remotely supported vessel operations. The approval from DNV, the classification society, establishes Ocean Infinity as the industry's first organisation to reach the required standard of technology and operations for large vessels and permits the beginning of onshoring marine-related tasks and activities. Statement of Compliance This high-profile presentation highlights the industry-wide significance of Ocean Infinity's pioneering work The significance of this achievement was underscored at SMM in Hamburg, the world's largest maritime trade fair, where DNV formally presented the Statement of Compliance to Ocean Infinity. This high-profile presentation highlights the industry-wide significance of Ocean Infinity's pioneering work. Innovation and technology Oliver Plunkett, CEO of Ocean Infinity, stated, "Since we started the business, Ocean Infinity has been about innovation, technology, and pushing the boundaries in the maritime industry. This is a significant achievement for the team. My congratulations go to them all, as well as those who have worked with them and contributed at DNV and Vard, our shipbuilder."  Technology-driven progress Oliver Plunkett continues, "As we deliver our services to our customers, we are continually balancing the need for technology-driven progress with safely bringing them solutions." He adds, "Our approach is to pioneer with speed but not haste, becoming the first organisation to receive this Statement of Compliance is a testament to that. I am looking forward to watching as we begin to put our ideas of onshoring marine activities and tasks into practice." Addressing costs and sustainable challenges Ocean Infinity's achievement addresses pressing industry challenges, such as rising operational costs Ocean Infinity's achievement addresses pressing industry challenges, such as rising operational costs and the need for sustainable operations and an inclusive workforce. The successful implementation of remote vessel technology bringing maritime work into the office, not only demonstrates its feasibility and safety, but also sets the stage for widespread future adoption, transforming global shipping practices. Fully autonomous and remote operation "The journey towards fully autonomous and remote operation of vessels is gathering pace, and DNV is very proud to be the class partner Ocean Infinity has entrusted to accompany them on their journey," says Jarle Coll Blomhoff, Head of Digital Ship Systems at DNV. Jarle Coll Blomhoff adds, "By proceeding step-by-step, beginning by moving some functions to a remote centre, and ensuring that these innovations are built on a foundation of expertise and trusted assurance, Ocean Infinity is helping the industry to move forward with confidence. That is why we are so pleased to have awarded them the first fleet-wide Statement of Compliance with the DNV-CG-0264 Autonomous and remotely operated ships guideline for the first phase of Ocean Infinity’s onshoring plans." Remote marine operations Jarle Coll Blomhoff continues, "This is an achievement that has also been acknowledged by the Maritime and Port Authority of Singapore (MPA). We are looking forward to continuing the journey with Ocean Infinity and MPA towards full autonomous and remote vessel operation." The next two of Ocean Infinity’s vessels to be upgraded to meet the new standard are in their final stages of testing, while at the same time, the team is already working on the next phase of its remote marine operations programme. Key achievements DNV Statement of Compliance for the remotely supported operational concept for the Armada 78 fleet of offshore survey vessels. DNV Statement of Compliance for Armada 78 03, the first vessel in the Armada fleet to complete the upgrade and verification process. Interim Acknowledgement from the Maritime and Port Authority (MPA) to commence operations worldwide with Navigators and Engineers working from an ashore ROC to lend additional support to the on-board crews and reduce their workload.