REG - Harland & Wolff - Issuance of Marine Licence

Harland & Wolff groupAnnouncement

08/11/2021 07:05

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RNS Number : 5829R  Harland & Wolff Group Holdings PLC  08 November 2021

8 November 2021

Harland & Wolff Group Holdings plc

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

 

Notification by Department of Agriculture, Environment and Rural Affairs
("DAERA") of issuance of the Full Marine Licence for the Islandmagee Gas
Storage project.

 

Further to its announcement of 13 October 2021, Harland & Wolff Group
Holdings plc (AIM: HARL), the shipyard and energy infrastructure group with
over 160 years of maritime and offshore engineering pedigree, is delighted to
announce that its subsidiary, Islandmagee Energy Limited ("IMEL"), has been
formally granted the Environmental Consent Decision, Full Marine Licence,
Abstraction Licence and Discharge Consent by the Department of Agriculture,
Environment & Rural Affairs (DAERA) for the Islandmagee Gas Storage
project (the "Project").

The issuance of the full marine licence completes this critical workstream and
the Company looks forward to working closely with DAERA in fulfilling its
obligations under the terms of the licence and to take this project to the
next stage so as to create value for shareholders.

 

About the Islandmagee Gas Storage Project

The Islandmagee Gas Storage project is a salt cavern gas storage facility
located in County Antrim, Northern Ireland. The Islandmagee peninsula is the
site of Northern Ireland's main gas-fired power station at Ballylumford, the
strategic electrical interconnection point to Great Britain and the
terminating point of the existing Scotland-Northern Ireland gas pipeline,
making it an ideal location for an energy project of this type. Once
completed, the Islandmagee Gas Storage facility will consist of seven
underground caverns, capable of storing a total of approximately 500 million
cubic metres of gas in Permian salt beds, a well-proven technique that
represents the most environmentally friendly, safe and efficient method of
storing large volumes of gas.

 

The Islandmagee facility is expected to provide over 25% of the UK's current
natural gas storage capacity and will support the growing demand for gas-fired
power development and renewable energy generation throughout the United
Kingdom and the Irish Republic.

 

Islandmagee is a wholly-owned subsidiary of Harland & Wolff Group Holdings
plc (AIM: HARL), formerly known as InfraStrata plc.

 

As noted by Oxford Analytica* in a report focussing on domestic gas storage,
it was highlighted that:

•              During construction, 400 direct jobs will be
created, as well as between 800 and 1,200 indirect jobs, expected to bring
around £7 million into the local economy. It has also been estimated that
during this stage that for every £1 million of capital expenditure, a further
£2 million will be created in the economy; this means with 75% local content,
the wider economy could benefit by around £400 million.

•              During operation, a further 60 direct jobs will
be created, expected to bring in around £1 million into the local economy and
between 120 and 180 indirect which would bring in a further £2-3 million.

•              Many of the jobs created will be skilled
Science, Technology, Engineering and Mathematics (STEM) jobs as detailed in
the Belfast Region City Deal.

 

* Oxford Analytica Report:
https://www.harland-wolff.com/news/3d-flip-book/domestic-gas-storage/
(https://www.harland-wolff.com/news/3d-flip-book/domestic-gas-storage/)

This announcement contains inside information.

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

 

 InfraStrata plc                                         +44 (0)20 3900 2122

 John Wood, Chief Executive                              investor@h (mailto:investor@harland-wolff.com) arland-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 (Corporate Finance)

 Michael Johnson (Sales)

 

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