Quadrise Fuels International PLC Update on Interim LONO (6542I)
June 21 2017 - 2:00AM
UK Regulatory
TIDMQFI
RNS Number : 6542I
Quadrise Fuels International PLC
21 June 2017
21 June 2017
Quadrise Fuels International plc
("Quadrise", "QFI" or the "Company")
Update on Interim LONO
Quadrise Fuels International plc (AIM:QFI) announces an update
in relation to the Letter of No Objection ("LONO") from Wärtsilä
Services Switzerland Ltd ("Wärtsilä").
Further to the Company's announcement on 7 June 2017, Quadrise
is pleased to confirm receipt of the Interim LONO issued by
Wärtsilä which confirms that:
-- The MSAR(R) emulsion fuel has satisfactorily completed 1370
hours of a 4000 hours validation test on-board the vessel SEAGO
ISTANBUL equipped with a Wärtsilä 12RT-flex96C-B engine, including
a maximum duration of MSAR(R) continuous operation of 139
hours.
-- Based on the results of engine inspections and cylinder
condition monitoring, Wärtsilä has envisaged no detrimental effect
on the RT-flex96C-B engines with the use of MSAR(R) fuel used
during the test. With the number of hours on test being lower than
the full test requirement of 4,000 hours, together with the current
maximum continuous hours of operation on MSAR(R), there remain
points that would be assessed further in the next stage of testing
as part of the normal process for issuing a full LONO.
Mike Kirk, Executive Chairman, said:
"We are pleased that Wärtsilä has confirmed its satisfaction in
recent MSAR(R) testing and inspection, and the interim LONO states
that no detrimental effects have been shown from MSAR(R) fuel in
the Wärtsilä engine.
The outcome is just as we expected - MSAR(R) fuel is safe to use
in these diesel engines. It was always anticipated that continued
operation to achieve the full 4,000 hours LONO validation, post the
interim inspection, would be confirmatory in nature. With the trial
having ended early, for reasons unrelated to the use of MSAR(R)
fuel, the Wärtsilä Interim LONO reflects the positive results and
the exemplary work of the Quadrise team to date.
We will be using this positive endorsement to enhance our
business development activities in the marine market.
QFI continues to believe that the marine industry will
ultimately acknowledge and adopt the use of exhaust gas cleaning
systems and high sulphur heavy fuel as the most economic compliance
option for the International Maritime Organisation's 2020 sulphur
limit environmental legislation. The adoption of Marine MSAR(R)
will enable operators to obtain additional economic and
environmental advantages over the use of heavy fuel oil."
This announcement is inside information for the purposes of
Article 7 of EU Regulation 596/2014.
For further information, please refer to the Company's website
at www.quadrisefuels.com or contact:
Quadrise Fuels International Plc
+44 (0)20 7031
Mike Kirk, Executive Chairman 7321
Hemant Thanawala, Finance Director
Nominated Adviser
Smith & Williamson Corporate Finance
Limited
+44 (0)20 7131
Dr Azhic Basirov 4000
Ben Jeynes
Katy Birkin
Broker
Peel Hunt LLP
+44 (0)20 7418
Richard Crichton 8900
Ross Allister
Chris Burrows
Public & Investor Relations
FTI Consulting
+44 (0)20 3727
Ben Brewerton 1000
Sara Powell
Notes to Editors
QFI is the emerging supplier of MSAR(R) emulsion
technology and fuel, enabling a low-cost alternative
to heavy fuel oil (one of the world's largest
fuels markets, comprising over 450 million tonnes
per annum) in the global shipping, refining and
power generation market.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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