Nuclear Transport Solutions (NTS), which operated Oceanic Pintail, set Dales Marine Services the challenge of ensuring 98% of the world-class cargo vessel was reused.

Applying a number of innovative techniques, the Scottish firm exceeded expectations, and recycled every part of the Nuclear Decommissioning Authority-owned (NDA) Oceanic Pintail, by:

• Separating different oils from water, and using the soil as furnace fuel
• Converting insulation into electrical energy
• Crushing concrete and tiles to create material used in the construction industry

Reusing 100% of a nuclear vessel is a UK first, and supports both the NDA group and Government’s carbon net-zero ambitions.

Peter Buchan, NTS’s Shipping Director, said:

NTS takes its environmental responsibilities seriously, so we’re delighted that 100% of Oceanic Pintail has been recycled.

We set our contractors, Dales Marine, an incredibly ambitious recycling target. They took that challenge and set the standard for others to follow when it comes to decommissioning vessels.

It’s a fantastic achievement, especially considering the work was completed in the middle of the Covid-19 pandemic, so a lot of thanks must go to everyone who has played a role in ensuring this project has been a huge success.

Oceanic Pintail served the UK with distinction and this is a fitting end to its life.

While David Peattie, Group Chief Executive of the NDA, also praised the environmental success. He said:

The NDA group is committed to supporting Government goals to be carbon net-zero by 2050. This fantastic achievement in recycling 100% of Oceanic Pintail, supports our ambitions to reduce our carbon impact.

Boasting a perfect safety record, the Japanese-constructed Oceanic Pintail first set sail 33 years ago.

Since its maiden voyage, Oceanic Pintail has served customers from across the world with bespoke solutions to all specialist nuclear transport challenges, until its final journey to Dales Marine’s Leith dock in November 2020.

• UK Secondary Capital Raising Review launches with Mark Austin appointed as independent chair

• Expert group will make recommendations for improving capital raising process for UK listed companies

• Review advances key recommendation from Lord Hill’s UK Listings Review

The UK Secondary Capital Raising Review will be chaired by senior Freshfields lawyer Mark Austin and will examine whether rule changes and better use of technology could make capital raising more efficient for companies already listed on UK markets.

The launch of the Review is the latest step in the Government’s response to Lord Hill’s UK Listings Review, which was set up to make the UK an even more attractive destination for IPOs and optimise the capital raising process for large and small companies.

The Chancellor Rishi Sunak said:

Our plans to boost UK markets go beyond attracting the world’s most successful companies to list here. We want to make sure companies who already tap our world-leading capital markets can raise finance efficiently and include their current shareholders in the process. I am pleased that Mark has agreed to spearhead this effort and take forward this important recommendation from Lord Hill’s UK Listing Review.

Mark Austin said:

Improving the efficiency of secondary capital raisings by listed companies is an important element of making the UK an even more attractive place for businesses to list. I am delighted to accept the Chancellor’s request for me to lead the Review. I am keen to receive views from a broad range of interested parties, which is why we are launching the Review with the Call for Evidence.

The UK’s capital markets were a lifeline for many companies through the pandemic, with £30bn of new equity raised in 2020 to shore up businesses, protect jobs and seize opportunities to grow.

However, most of these businesses chose to raise funds through private placings with a small group of institutions, which can be completed faster and at a lower cost, but exclude existing shareholders and dilute their stakes in the company.

The UK Listing Review found companies are deterred from using other mechanisms like rights issues, which preserve the interests of existing investors in the company, because they involve greater costs, time and uncertainty, and require the publication of a prospectus.

The expert group led by Mark Austin will review these regulatory barriers and open up the choices for listed companies seeking to raise capital, including by looking at the overall duration of the process, considering whether new technology can be used to speed up the information flow to shareholders and help them exercise their rights, and assessing other fundraising mechanisms that are used in international markets.

The Review’s work will be carried out in consultation with relevant stakeholders including the Government and the FCA, buy-side and sell-side firms, listed companies, and legal and academic experts. It launches today, with a Call for Evidence which will run until 16 November, and will report to the Government in Spring 2022.

Further information

• More details about the UK Secondary Capital Raising Review, including the Terms of Reference and Call for Evidence, are available here

• Mark Austin is a partner at the international law firm Freshfields Bruckhaus Deringer. He is chair of the FCA’s Listing Authority Advisory Panel and was a member of the advisory panel for Lord Hill’s UK Listing Review

• The UK Listings Review can be found here

Paul Kealey leads over 700 word-leading scientists at the Defence Science and Technology Laboratory (Dstl) who create cutting edge science for the UK’s defence and homeland security capability.

The 2021 Integrated Review (IR) saw huge investment in the cyber and space security areas, and Paul explains how Dstl will ensure the money is used to its full potential to protect the nation.

The value of government money is taken extremely seriously, and means that we make sure it is used in the most cost effective manner and with maximum benefit.

We use the funding to make sure the military has the capability it needs now and in the future to keep the UK safe.

We also look at the government’s agenda of levelling up, making sure we look at how investments across the whole United Kingdom are delivered and making sure that we develop industry, export products and jobs for the whole of the nation.

The importance of research in Space and Cyber

We are facing many challenges in cyber and space where the UK is constantly being challenged in the cyber domain. It is not optional and we need to be ahead of the cyber curve to protect the UK‘s commerce and finance, the multi-systems used in defence and security.

Similarly, in space, it is crucial we take part in space research, not just for a ‘safer spaces sake’, but it is a key enabler where it is used for timing the planks of the communication, earth monitoring (civil or military) and for navigation, so having a safe and secure set of space capabilities pedals the whole of the UK economy.

Threats to the UK’s cyber infrastructure

It’s a continuing problem for all parts of the industry and defence, from banks to hospitals and even your home computer, but it is actually the National Cyber Security Centre that lead on the providing the security on the national infrastructure.

Dstl’s role in defence ensures that our military equipment, and our military systems have that equal world-class level of security and are safeguarded ahead of any planned and potential threats.

How we use data

We use data in a number of ways: firstly to support military commanders to help them make better decisions, for example data can help see what’s on the other side of the mountain and what’s going on in the battlefield.

Data is used to understand what another Army or adversary are doing, so Dstl experts will develop algorithms that can help provide intelligence, giving personnel the information they need and at pace wherever they are.

We also develop data to ensure even better decisions are made in investment and where defence should invest its money, which capability area is a priority. Dstl supports across government, advising them what they should be investing in.

Keeping ahead of the threat

Intelligence is gathered as part of a cross-government effort, for example the UK’s Defence Intelligence organisation will lead on the intelligence signal.

Dstl works under the Chief Scientific Advisor (CSA) Dame Angela McLean where we follow her science and technology strategy, and this looks at generation after next technologies that don’t just look ahead, but can predict and plan for the likelihood of future attacks.

We are making computers and algorithms of the future, not just to be in front, but actually jump ahead. We are making future computers and future algorithms that will ensure we are secure and without risk of vulnerabilities, in essence, we are jumping ahead of what technology currently offers.

Image © Crown Copyright, made available under the Open Government Licence