Italian multinational Saipem and advanced reactor developer Newcleo have signed an agreement to explore the possible offshore applications of Newcleo’s technology.

Newcleo is developing a lead-cooled fast neutron demonstration nuclear technology which according to earlier reports, will be suitable for a wide range of locations due to its unique intrinsic safety and compact characteristics.

The company said in a statement that the goal of the agreement is to study the potential for utilising modular LFRs to provide electricity and hear for old and gas offshore installations.

The statement said the agreement will also focus on extending the use of the LFR technology for electricity generation from floating nuclear units.

Saipem specialises in engineering, drilling, and construction services for the energy and infrastructure sectors, particularly in the oil and gas industry.

According to the statement, exploring the potential of nuclear power is part of the company’s efforts to achieve its corporate net zero objectives by 2050.

Newcleo, which is based in the UK and has offices in France, Italy and Switzerland, says it is aiming to deliver a first demonstration reactor by 2033. The company was founded by Italian physicist and alumnus of the European Organisation for Nuclear Research, Stefano Buono.

The company has recently announced a number of partnerships and agreements related to the development of its reactor technology, including among others France’s Alternative Energies and Atomic Energy Commission (CEA), new-gen reactor developer Naarea, Italy’s Maire Tecnimont, and shipbuilder Fincantieri.