Contract & EPS Licensing Update
29 October 2021
OTAQ, the marine technology products and solutions group for the global aquaculture and offshore oil and gas industries, announces that it has been given notice that one of its contracted customers making use of OTAQ's acoustic deterrent devices ("ADDs") operating in Scotland, has given the required notice to terminate in accordance with the original terms of the two-year agreement ending in April 2022.
OTAQ, at the request of Marine Scotland, has participated in a trial programme in the Moray Firth with OTAQ being the only ADD manufacturer working on this project. Marine Scotland regulates all entities with activities within Scottish waters. The trial phase of this programme has now concluded, and the data collected is being processed with an expectation of results before the end of 2021. The Board believes that this processed data will support and better inform the EPS (European Protected Species) licensing process required to enable the future operation of ADDs within Scottish waters.
The information contained within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulation (EU) No. 596/2014. Upon the publication of this announcement, this inside information is now considered to be in the public domain.
Alex Hambro, Non-Executive Chairman
Phil Newby, Chief Executive Officer
Matt Enright, Chief Financial Officer
Dowgate Capital Ltd (Broker & Adviser)
020 3903 7715
David Poutney/James Serjeant
Nicholas Chambers/Russell Cook
Walbrook PR Ltd
Tel: 020 7933 8780 or [email protected]
Tom Cooper/Nick Rome/Nicholas Johnson
0797 122 1972 or 07748 325 236 or 07884 664 686
OTAQ is a highly innovative marine technology company focused on the marine aquaculture, offshore energy, renewables and oceanographic research sectors. It operates in four worldwide locations: Lancaster, Aberdeen and Ulverston in the UK and Puerto Montt in Chile.
OTAQ's marine technology portfolio includes a market-leading intelligent acoustic deterrent system, Sealfence, designed to protect marine-based aquaculture sites from predation, with multiple systems deployed in Scotland, Chile, Finland and Russia.
The Company's Oceansense leak detection systems have a global reputation as the industry standard solution and have been deployed successfully on hundreds of jobs. OTAQ's Dragonfish laser measurement system is fast becoming recognised as one of the most accurate underwater precision laser measurement systems available. OTAQ also has significant experience in the design and manufacture of underwater connectors, penetrators and communication systems.
It seeks to develop and continuously improve its products using its specialist mechanical, electronic and software engineers with decades of experience in bringing underwater technology products to market. Concurrently, OTAQ seeks to expand its technology portfolio through acquisitive growth, with the aim of further expanding its aquaculture and offshore product offering.
OTAQ is proud to be fully ISO 9001:2015 accredited through DNV-GL. ISO 9001 is an internationally recognised quality management system and demonstrates OTAQ's commitment to consistency, continual improvement and customer satisfaction. The certification also demonstrates its ability to consistently deliver products and services to market whilst meeting statutory and regulatory requirements by applying an effective quality management system.