REG - Harland & Wolff - Acquisition of Vessel

Harland & Wolff groupAnnouncement

01/06/2022 07:00

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RNS Number : 4724N  Harland & Wolff Group Holdings PLC  01 June 2022

This announcement contains inside information

 

1 June 2022

 

Harland & Wolff Group Holdings plc

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

Acquisition of the Former HMS Atherstone

 

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 acquired the former HMS
Atherstone from the Ministry of Defence (MOD).

The former HMS Atherstone is a mine hunting class vessel that is no longer in
Service. The Company has acquired this vessel with a view to refurbishing it
for non-military uses, discussions for which have already commenced with
interested parties.

As announced previously, the Company is involved in a competition run by the
MOD regeneration programme for the former HMS Quorn (M55). Management believes
that the acquisition of the former HMS Atherstone will significantly de-risk
the M55 regeneration programme given that the two vessels share a number of
spare parts and components. Should the Company be awarded the regeneration
programme for the M55, such spare parts and components on the HMS Atherstone
will be utilised during the regeneration programme of the M55. Management
expects negotiations with the MOD on the M55 regeneration programme to be
completed in the next few weeks with an announcement to be made thereafter,
should an award be made in the Company's favour.

Harland & Wolff, group CEO John Wood, commented:

"I am delighted that we have acquired the former HMS Atherstone. The benefits
of this acquisition are two-fold; we now can significantly de-risk the M55
regeneration programme by utilising spares and component parts common to the
two vessels, which has been recognised by MOD and will certainly help in
closing out the negotiations over the next few weeks. Secondly, we also can
utilise this platform as the basis for other clients' projects, which will be
a valuable revenue stream for 2023. I am pleased that we have generated a lot
of interest for the repurposing of the former HMS Atherstone, and I expect to
make announcements in this regard as soon as we have executed a refurbishment
contract with a counterparty."

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)

 Seena Shah, Head of Marketing & Communications                            media@harland-wolff.com (mailto:media@harland-wolff.com)

 Cenkos Securities plc (Nominated Adviser & Broker)                        +44 (0)20 7397 8900

 Stephen Keys / Callum Davidson / Dan Hodkinson (Corporate Finance)

 Michael Johnson (Sales)

 

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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