$ORCA.L

Orcadian Energy Inks Joint Development Agreement to Explore Powering Offshore Data Centers

Orcadian Energy (ORCA.L) entered a non-exclusive joint development agreement with a US-based developer of offshore data center infrastructure to explore using its gas resources to generate power for offshore computing.The companies will have 90 days to conduct due diligence, commercial validation, and negotiate a definitive energy-to-compute transaction covering the Earlham and Orwell gas resources. The deal focuses on Orcadian's Earlham Gigagrid concept, a proposed power and infrastructure project disconnected from the UK grid and designed to supply power to the partner's offshore data center facilities.The oil and gas development company noted that neither party is obliged to sign, finance, or complete a definitive transaction.