RCS - Harland & Wolff - New Aberdeen Subsidiary

Harland & Wolff groupAnnouncement

03/08/2023 07:00

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20230803:nRSC1200Ia&default-theme=true

RNS Number : 1200I  Harland & Wolff Group Holdings PLC  03 August 2023

RNS Reach

 

3 August 2023

 

 

 

Harland & Wolff Group Holdings plc

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

 

New Aberdeen Subsidiary - Harland & Wolff (Technologies) Limited

 

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 the establishment of Harland & Wolff
(Technologies) Limited ("HWT"), a fully owned subsidiary of the Company.

 

HWT will be based in the United Kingdom's energy capital - Aberdeen. HWT will
operate in conjunction with the Company's four delivery centres across the UK
whilst working independently and directly with the Company's clients in other
shipyards. One of the main services being provided by HWT will be the
in-service support to assets that are already operational and are not in any
dry dock.

 

Richard Davidson has been appointed with immediate effect as Managing Director
of the new HWT subsidiary. Richard brings with him over three decades of
experience in the energy and maritime markets and has been instrumental in
introducing and commercialising new technologies centred around propulsion and
fuels. In Richard's last role with Echandia, he was responsible for developing
and monetising large scale battery technologies for the marine market.

 

New technologies within the marine market are advancing at considerable pace
and ensuring the Company is at the forefront of this as an early adopter of
new technologies is essential. HWT's focus on batteries, propulsion, future
fuels and systems integration will facilitate progress towards being a
successful leader in these areas and make a meaningful contribution to the
UK's Net Zero targets. HWT is developing a suite of support agreements and
joint venture partnerships with Original Equipment Manufacturers in order to
provide the highest level of service to the Company's clients.

 

Whilst the Company remains supportive of the UK's Net Zero targets and the
transition to cleaner energy and fuels, it is clear that traditional sources
of energy will still have a significant role to play over the next few
decades.  With the recent Government announcement on a series of new North
Sea licensing rounds, and the number of enquiries that the Company is
addressing for offshore electrification projects, new platform construction
projects and in-service support, HWT will be well placed to address a very
sizeable business opportunity across these markets.

 

John Wood, Group Chief Executive Officer of Harland & Wolff comments:

 

"With projects starting to ramp up and new technologies increasingly being
incorporated into the majority of them, the establishment of HWT enables us to
be at the forefront of client requirements now and into the future. In the
first instance, we will be focusing on in-service support including
mechanical, pipework, fabrication and outfitting services. HWT's offering will
allow assets to be in operation whilst being serviced by our riding crews.
Ultimately, this will reduce the time spent by an asset in a dry dock, keep it
in continuous operation, and therefore reduce downtime costs, all of which are
highly attractive outcomes for our clients."

 

For further information, please visit  www.harland-wolff.com
(http://www.harland-wolff.com/)   or contact:

 

 Harland & Wolff Group Holdings plc      +44 (0)20 3900 2122

 John Wood, Chief Executive Officer      investor@harland-wolff.com (mailto:investor@harland-wolff.com)

 Arun Raman, Chief Finance Officer       media@harland-wolff.com (mailto:media@harland-wolff.com)

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.

 

 

This information is provided by Reach, the non-regulatory press release distribution service of RNS, part of the London Stock Exchange. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  NRAUPUWURUPWGQP