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Iamsailing ref 14.15 post my suggestion with regards to fabrication is not based on the status quo. Rather it is based on the proposition that HARL is awarded a number of contracts in relation to windfarms. If the number and value of these contracts are significant then they can be used to leverage funds to upgrade the yards.
stokey12,
Have you been out in the sun too long again?
Hi - with all due respect there is no windfarm infrastructure business to sell. There are some shipyards, some recently hired workers mostly not specialising in wind. One undelivered contract and no more. What would they actually sell? The promise of building something one day? The value is nil. It’s not even clear that having a shipyard instead of a big shed is a competitive advantage.
Agree si to Shell or BP
Okay, so staying with IM, if successful, surely the only way the realise that potential is the relinquish some of the equity. So keep a 51% controlling interest and farm out the rest.
"energy security", yeah, reading ban's article shows what a hash they have made of that. Always seems to be reactionary rather than any long term planning. Pass the parcle, get through your time in office and let the next lot sort it out.
Erm, to much politics for a Sunday morning i'm off out to collect blackberries. :)
Si_Derman ref 09.40 post Take your point but it would be inconsistent with her recent LinkedIn post which referenced energy security which would support the keeping of IM.
Interesting ideas, but I would of thought that with her history in working with natural resources and energy companies that it's more likely for IM to get hived off. That is one entity that could be easily seperated, if not already, rather than a subsidiary for all the fabrication contracts spread around all four yards. Messy, imo.
Avyererdowt ref 08.49 post I am not experienced at company valuations. I would say that there is currently insufficient information to make a guess of a valuation based on contracts. That said I would expect the valuation on the basis of value of contracts to be multiplies of the current MCap.
I was thinking there is another possible explanation for the recent NED appointment. As some of us might recall the Saipem 1 contract was for £26m to construct 8 wind jackets. With all the windfarm developments around the UK Coast HARL might create a subsidiary to hold all the fabrication contracts. Then private equity/Sovereign Wealth Funds could be sold equity in that company with the proceeds being used to upgrade and modernise the yards.
It came up from Portsmouth, Bubble, so you would have been hard dpressed to see it from there. :)
FWIW, the tug has turned back into the out going tide and is now hanging around off Hartland point.
So I guess they are not done just yet.
Si interesting that didn't see it myself only two dredging vessels as I traveled through Irish sea up here that's if it was it's route down to Appledore,sea ferries at full belt up here at least three operating 24hrs
Yes, I realise that, thanks, but was unsure why the Quorn was being towed as I understood it was the Atherstone that had had the engine removed. Anyhoo, been tracking the tug that was towing the Quorn, the SD Powerful, and it arrived in Bideford bay this morning around 7:30. Not sure what happened then as it now seems to be heading back without actually going into Appledore. Not sure if it's just dropped the Quorn off to be brought in under it's own power or it's being towed in by another vessle. Didn't see any come out either on Marrine Traffic or the Westward Ho! beach cam, so not sure as it doesn't have it's tracker turned on.
Going by JW's post maybe it's just going to wait until the morning or the next high tide.
Si_Derman ref 12.57 post The Quorn is the one that is being refurbished and the Atherstone is the one that was acquired with a view to it being converted as per client's instructions and sold. Hopefully at a good profit.
I thought the Quorn was the one with the engine and the one H&W, acquired, the Atherstone, was sans engine.
https://twitter.com/NavyLookout/status/1557693207793860611 Quorn being towed to Appledore
Looks like Arnish has a very good satisfied customer https://www.stornowaygazette.co.uk/business/nuclear-imperative-gives-boost-to-arnish-3801251
Did say "ish". :)
That was just the word on the street. Or should that be word on the quay.
Couldn't find out about the state of play regarding the pontoon. Obviously if it's not fully finished, whatever they did to it to make it watertight may still be in place from when they floated out the Avocet. Something about not wanting to keep floating it up and down in the dry dock due to repositioning it back on the blocks. Guess that is the blocks they use to assemble the sections on as they are lowered down from where they are fabricated.
Might have to get the kayak out and go and escort her in on Sunday morning. :)
Si_Derman ref Tuesday 19.06 post JW has posted on LinkedIn which I have seen on my phone so I cannot copy and paste that the Quorn has a reported ETA at Appledore of 07.00 hours on the 14.
Si in Irish sea Thursday/Friday will keep an eye out
When? Friday. (ish)
What? Minesweeper No.1
Where? Appledore.
Why? High tides are right.
Saw that being built at the last investor day. Think it was contractors in building it using the H&W facilities
Lochmaddy Pier Improvement Project - Video of the whole project including the element that would be one for H&W note the colour of the crane used in the video.
https://www.cne-siar.gov.uk/your-council/investment-delivery/major-projects/lochmaddy-pier-improvement-project/
On checking the Belfast Harbour website I noticed that there are entries for the LOCHMADDY CAISSON PROJECT it is showing as moving at 01.00 on the 15 August from BBD to OQ before moving to SRQ at 12.00. I cannot find any entry of its arrival at BBD. I am not sure if it is related to this https://www.publiccontractsscotland.gov.uk/search/show/search_view.aspx?ID=MAR410303. I would expect an RNS soon on this.
Nobby31 ref 11.28 post my view is that there are a number of developments over the next two years that individually or cumulatively might be transformational for HARL. Not necessarily in order I believe they are:-
SeaRose FPSO Drydocking. - Although the drydocking is not due to occur until 2024 the tender is out apparently with a six week turnaround. HARL did the 2012 drydocking for this vessel and completed it two days early. So if HARL was to tender for this new drydocking then it must be favourite. This would be a 70 day drydocking. From information in the public domain it looks like the tender will be for a eight figure sum.
IslandMagee - I do not agree with Iamsailing that the appointment of the new NED automatically means that IslandMagee is being made ready for sale. In the current climate if asked I see HMG being willing to lend HARL the whole capital cost of the project in order to boost energy security. The recent LinkedIn post from the new NED on her joining the board does not read to me as if she will be joining the board to facilitate the disposal of IslandMagee.
FSS - The decision on this is due by Q4 with a contract to be signed by Q1 2023. Unlike Jabido I am not convinced that HARL will definitely get any sub contracting work on this. This is based on comments made by the CEO of either BAe or BAB before the defence select committee. That said based on the recent Navy Outlook article I am reasonably optimistic on Team Resolute's chances.
Windfarm Developments - If we have not heard anything on this front by Q4 then I would start to get worried. I see this as a short term revenue enhancing project.
On the whole based on the above I concur with Jabido's comment in his 11.44 post 'By end of Q1 we will be smiling lots I'm sure'
Agreed Nobby on all points. As I've stated a few times I'm more confident now than ever that the company turnaround has begun. There's also the possibility of any outside the box contracts being announced. By end of Q1 we will be smiling lots I'm sure. Especially given we are pretty nailed on for FSS work. Gla and let's hope the BOD buy a big chunk soon