REG - Harland & Wolff - Preferred Bidder Award

Harland & Wolff groupAnnouncement

05/03/2024 07:00

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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
(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)

 Cavendish Securities plc (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

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

 Neville Harris

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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