REG - Harland & Wolff - New Contract Win - Arnish

Harland & Wolff groupAnnouncement

06/03/2024 07:00

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RNS Number : 7200F  Harland & Wolff Group Holdings PLC  06 March 2024

This announcement contains inside information.

6 March 2024

Harland & Wolff Group Holdings plc

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

New Contract Win - Arnish

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 signed a five-year Master
Services Agreement for the fabrication of large structures with a global oil
services company supplying subsea infrastructure across the major hydrocarbon
basins around the globe.

The Company has now received its first purchase order under that agreement to
fabricate six subsea structures with a contract value of approximately £3
million. These highly specialised structures are used in oil and gas platforms
and the surrounding infrastructure, capable of withstanding pressures of 430
bar (6,235 psi) and as such are mission critical parts.

These structures will be built over the next 18 months at the Company's Arnish
site in a staged delivery programme with an expected completion date in H1
2025.

John Wood, CEO of Harland & Wolff Group Holdings commented:

"I am delighted that Arnish is recognised as a centre of excellence to deliver
critical subsea infrastructure. This contract marks a significant step for the
Company and builds on the highly technical work the yard has already
undertaken on suction anchors, piles and the work it is currently performing
for the Sea Rose FPSO Contract. These specialised subsea structures are a new
product area for Harland & Wolff and we expect that successful delivery of
this contract will open up significant opportunities for additional contracts
in subsea infrastructure going forward."

 

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)

 h2Radnor (Investor Relations)                                             +44 (0) 20 3897 1838

 Neville Harris
 Cavendish Capital Markets Limited (Nominated Adviser & Broker)            +44 (0)20 7397 8900

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

 Michael Johnson (Sales)

 Liberum Capital Limited (Joint Broker)                                    +44 (0)20 3100 2000

 Nicholas How / Edward Mansfield

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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