Harland & Wolff Group Holdings PLC Falkland Islands Port Replacement Project Update

RNS Number : 3514Z

Harland & Wolff Group Holdings PLC

06 August 2024

 

This announcement contains inside information

6 August 2024

Harland & Wolff Group Holdings plc

("Harland & Wolff" or the "Company")

Falkland Islands Port Replacement Project Update

Harland & Wolff Group Holdings plc (AIM: HARL), the UK quoted company focused on strategic infrastructure projects and physical asset lifecycle management, provides the following update in relation to the Falkland Islands Port Replacement Project.

Following a detailed review process, the Falkland Islands Government (FIG) have decided to cease further contractual negotiations with Harland and Wolff regarding the port replacement project.

Harland and Wolff were initially identified as the preferred bidder for the marine-side tender in early 2024. However, despite productive discussions, FIG and Harland and Wolff were unable to reach a mutually acceptable commercial position. FIG acknowledges the effort and commitment demonstrated by Harland and Wolff throughout this process.

For further information, please visit  www.harland-wolff.com  or contact:

 

Harland & Wolff Group Holdings plc Malcolm Groat, Chairman Arun Raman, Chief Finance Officer	[phone] [e-mail]   [e-mail]
h2Radnor (Investor Relations) Neville Harris / Josh Cryer	[phone]
Cavendish Capital Markets Limited (Nominated Adviser & Broker) Stephen Keys / Callum Davidson / Dan Hodkinson (Corporate Finance) Michael Johnson (Sales)	[phone]
Liberum Capital Limited (Joint Broker) Nicholas How / Edward Mansfield	[phone]

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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