Australian energy company Provaris and Yinson Production, an owner and operator of floating, production, storage, and offloading (FPSO) vessels, have completed liquid CO2 (LCO2) tank design and formed a joint venture (JV) to commercialize LCO2 marine and offshore applications.
Provaris and Yinson are collaborating on the development of a large-scale LCO2 tank design under the agreement signed in October 2024. They have now completed Phase 2 in the design stage and submitted the result to a marine classification society for preliminary approval.
According to Provaris, the design package submitted for approval reinforces the tank’s credibility and suitability for deployment in maritime operations, with the outcome anticipated in the near term.
Having completed this milestone, the partners are planning the front-end engineering design (FEED) stage to commence in the third quarter of 2025.
The FEED stage encompasses incorporating the LCO2 tank design into a floating storage injection unit (FSIU) under development by Yinson for CO2 injection. All necessary class approvals of the FSIU are also planned as part of this stage.
Provaris and Yinson also plan to establish a new joint venture company that will hold exclusive rights to the tank design, fabrication methodology, and all future IP generated for tank designs.
The new company will focus on leveraging the scalable design features of the LCO2 tank IP to develop additional tank designs of different capacities, including those for LCO2 carriers (shuttle tankers) and onshore storage applications.
Provaris and Yinson will equally share the ownership of the new company, holding 50% each.
Provaris’ Managing Director and CEO, Martin Carolan , said: ”The partnership between Provaris and Yinson continues to rapidly advance the development of a game-changing solution for CO2 storage and transport.
“The successful completion of the Phase 2 Design Stage, coupled with the planned establishment of a joint venture company between Provaris and Yinson, provides the focus and strategic alignment in our collaborative efforts to deliver industry-leading innovations in CO2 storage and transport.”
Yinson Production’s Chief Technical Officer, Lars Gunnar Vogt , added: “The completion of this Design stage marks a significant milestone, demonstrating the technical viability of large-scale LCO2 tanks tailored for marine and offshore applications. We’re excited by the potential this unlocks, not only for our Havstjerne CCS development project in Norway, but also for the broader decarbonisation value chain and long-term opportunities we see for Yinson.”