Harland & Wolff Group Holdings PLC Letter of Intent -- Major Vessel Refurbishment (6419H)
31 Luglio 2023 - 8:00AM
UK Regulatory
TIDMHARL
RNS Number : 6419H
Harland & Wolff Group Holdings PLC
31 July 2023
This announcement contains inside information
31 July 2023
Harland & Wolff Group Holdings plc
("Harland & Wolff" or the "Company")
Letter of Intent - Major Vessel Refurbishment
Harland & Wolff Group Holdings plc (AIM: HARL), the UK
quoted company focused on strategic infrastructure projects and
physical asset lifecycle management, is pleased to announce that it
has been issued a Notice to Proceed ("NTP" or "LoI") for the
mid-life upgrade and dry docking of a large vessel. Harland &
Wolff was chosen by the client for its ability to execute on a
complex mid-life upgrade utilising the Company's market leading
drydock in Belfast, the largest in the UK.
Subject to formal execution of the contract, the vessel is
expected to be in the dry dock for a period of five months through
early 2024 and the contract value is expected to be in the region
of GBP60 million - GBP70 million, dependent on the extent of final
works undertaken. As part of the overall project delivery, a sum of
GBP5 million will be made available to the Company immediately to
commence various workstreams in 2023 prior to the arrival of the
vessel. Apart from the initial sum, this LoI is non-binding and
will be subject to execution of a formal contract that is expected
within 2-3 months.
A further announcement will be made on execution of the final
contract.
For further information, please visit www.harland-wolff.com or contact:
Harland & Wolff Group Holdings plc +44 (0)20 3900
John Wood, Chief Executive Officer 2122
Arun Raman, Chief Finance Officer investor@harland-wolff.com
media@harland-wolff.com
Cenkos Securities plc (Nominated Adviser &
Broker)
Stephen Keys / Callum Davidson / Dan Hodkinson
(Corporate Finance) +44 (0)20 7397
Michael Johnson (Sales) 8900
----------------------------
Liberum Capital Limited (Joint Broker)
Nicholas How / Edward Mansfield / Lucas Bamber +44 (0)20 3100
/ Antonia Brown 2000
----------------------------
About Harland & Wolff
Harland & Wolff is a multisite fabrication company,
operating in the maritime and offshore industry through five
markets: commercial, cruise and ferry, defence, energy and
renewables and six services: technical services, fabrication and
construction, decommissioning, repair and maintenance, in-service
support and conversion.
Its Belfast yard is one of Europe's largest heavy engineering
facilities, with deep water access, two of Europe's largest
drydocks, ample quayside and vast fabrication halls. As a result of
the acquisition of Harland & Wolff (Appledore) in August 2020,
the company has been able to capitalise on opportunities at both
ends of the ship-repair and shipbuilding markets where there will
be significant demand.
In February 2021, the company acquired the assets of two
Scottish-based yards along the east and west coasts. Now known as
Harland & Wolff (Methil) and Harland & Wolff (Arnish),
these facilities will focus on fabrication work within the
renewables, energy and defence sectors.
In addition to Harland & Wolff, it owns the Islandmagee gas
storage project, which is expected to provide 25% of the UK's
natural gas storage capacity and to benefit the Northern Irish
economy as a whole when completed.
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END
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