Harland & Wolff Group Holdings PLC Preferred Bidder Award

RNS Number : 5456F

Harland & Wolff Group Holdings PLC

05 March 2024

 

This announcement contains inside information.

 

5 March 2024

 

 

 

Harland & Wolff Group Holdings plc

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

 

Award of Preferred Bidder Status for the Falkland Islands Port Replacement Project

 

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 awarded preferred bidder status for the Falkland Islands Port Replacement Project ("FIPASS") by the Falkland Islands Government.

 

Subject to agreeing final contract pricing and concluding commercial negotiations, the Directors believe that this project could generate total revenues between £100 million - £120 million over a two-year period, with works on the  project expected to commence this year. The FIPASS project involves the build, transport and installation of four floating pontoons of approximately 90 metres each in the Falkland Islands. Conditional on the award of the final contract, the Company intends to spread the work across its multiple facilities in order to provide optionality and de-risk the fabrication of these pontoons.

 

The Company will make a further announcement upon formal execution of the contract.

 

John Wood, Chief Executive Officer of Harland & Wolff Group of Companies, comments: "Following a competitive bid process, I am delighted that the Falkland Islands Government has selected Harland & Wolff as preferred bidder for this project. The Company enjoys an excellent relationship and a rich heritage with the Falkland Islands given that Harland and Wolff built the six linked barges which make up the existing port facility 45 years ago. I look forward to working closely with the Falkland Islands Government and bringing this contract to fruition."

 

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

 

Harland & Wolff Group Holdings plc John Wood, Chief Executive Officer Arun Raman, Chief Finance Officer	[phone] [e-mail]    [e-mail]
Cavendish Securities plc (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]
h2Radnor (Investor Relations) Neville Harris	[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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