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Excellent news many thanks for link LSEO3 👍
Thx LSE , sounds too good to be true.
Hopefully no Smoke and mirrors as we haven't seen finance yet. Old Kevan will go into overdrive !
Very exciting news let’s hope it is kaeren
Interesting that the story was published at 5pm. Maybe an RNS about it in the morning?
Brinoble, yes well spotted let’s hope we get one in the morning 🤞
I am having problems with my adblockeer so I am having problems reading this so can someone give me a quick summary of the story. I note the stated investment is greater than the UKEF backed loan that HARL has been negotiating
I don’t think anyone would dispute the suitability of Methil for large scale fabrication production, the problem has been since the last contract failure all we have had is noise
The fact they have 12 companies talking to them would certainly be a massive step in the right direction but rather strange we learn this from a newspaper article?
Good news, and good find LSE03. It sounds like we have the potential to be a huge player in Scottish wind energy. All the cards falling into place there on renewables.
Clearly it's going to take time to get there and get these big contracts, but that's the medium term growth opportunity 2-5 years down the line. Makes you think where the company as a whole will be in 5 years and its valuation. I suspect substantially higher than today.
Stokey
Fabrication giant Harland & Wolff (H&W) expects to create at least 200 new jobs at Arnish, on Lewis, through a £270 million investment in its two Scottish shipyards.
The company aims to transform its facility at Arnish, near Stornoway, and another in Methil, Fife, into major hubs for renewable energy.
H&W said its proposed project in Methil would result in an additional 400 jobs.
New opportunities at both locations would include those created by an apprenticeship and graduate programme for about 30 people, it added.
“The seas around Scotland are a rich resource for renewable energy. We feel the proposed investments into our sites would best maximise this opportunity and support growth in this increasingly vital sector.”
John Wood, chief executive, Harland & Wolff
The firm aims to “work closely with local suppliers and educational institutions to ensure the benefits of any investment are felt throughout the Methil and Arnish communities”.
H&W’s two Scottish sites have both advanced to the next stage of a key route to public and private sector partnership funding.
It is hoped the Scottish Offshore Wind Energy Council (Sowec)’s Strategic Investment Model (Sim) programme will deliver major infrastructure upgrades.
According to H&W, support through the scheme will significantly boost its ability to service and maintain the “burgeoning” renewable energy
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Titanic shipbuilder says £270 million plans will create 200 jobs at Arnish
The proposed investment is also expected to create 400 jobs in Fife.
by Keith Findlay
April 15 2024, 5:00 pm
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First Minister Humza Yousaf, left, and Harland & Wolff chief executive John Wood at Arnish.
First Minister Humza Yousaf, left, and Harland & Wolff chief executive John Wood at Arnish. Image: Harland & Wolff
Fabrication giant Harland & Wolff (H&W) expects to create at least 200 new jobs at Arnish, on Lewis, through a £270 million investment in its two Scottish shipyards.
The company aims to transform its facility at Arnish, near Stornoway, and another in Methil, Fife, into major hubs for renewable energy.
H&W said its proposed project in Methil would result in an additional 400 jobs.
New opportunities at both locations would include those created by an apprenticeship and graduate programme for about 30 people, it added.
“The seas around Scotland are a rich resource for renewable energy. We feel the proposed investments into our sites would best maximise this opportunity and support growth in this increasingly vital sector.”
John Wood, chief executive, Harland & Wolff
The firm aims to “work closely with local suppliers and educational institutions to ensure the benefits of any investment are felt throughout the Methil and Arnish communities”.
H&W’s two Scottish sites have both advanced to the next stage of a key route to public and private sector partnership funding.
It is hoped the Scottish Offshore Wind Energy Council (Sowec)’s Strategic Investment Model (Sim) programme will deliver major infrastructure upgrades.
According to H&W, support through the scheme will significantly boost its ability to service and maintain the “burgeoning” renewable energy.
Courier- Claire Warrander - BiFab Site -CR0029774- Methil -Picture shows: GV of the BiFab site in Methil which is now under the management of Harland and Wolff.29/07/21-Kenny Smith/ DCT Media
Harland and Wolff’s site in Methil. Image: Kenny Smith/ DCT Media
Arnish and Methil will become “state-of-the-art” centres for the fabrication and assembly of turbines and other structures for the offshore wind industry, the firm said.
Belfast-based H&W is best-known for its shipbuilding, including the ill-fated Titanic.
The company rescued the Arnish and Methil yards from administration in 2021
It applied to the Sowec scheme in partnership with Stornoway Port.
What’s in store for Arnish?
A £99m investment at Arnish is expected to deliver a new quay and floating dry dock.
This is forecast to increase the site’s construction capacity to 255 megawatts (MW) of installed capacity per installation season.
Meanwhile, an upgraded port at Stornoway would boast a laydown area of more than 24.5 acres, providing “ample space for the assembly and storage of renewable energy components.
And what’s planned for Methil?
Investment in the site in Methil would “greatly expand its capacity to build fixed and floating offshore foundations, capitalising on its status as one the most geographically advantageous areas to support Scotland’s offshore wind developments,” H&W said.
The company added: “Through investment of around £172m and improvements such as a quay extension, the site would have the ability to construct approximately
750MW of installed capacity each installation season and enable Harland & Wolff to take on large-scale renewable projects.
“By increasing the capacity and capabilities of the Methil and Arnish sites, Harland & Wolff is positioning itself as a key player in the development of sustainable energy solutions for Scotland and beyond.”
H&W in Methil.
H&W in Methil. Image: Steve Brown / DCT Media
More than a dozen offshore wind developers are already speaking to H&W about its investment plans, the firm said, adding its proposed investment would have a “profound impact” on local communities, creating numerous direct and indirect jobs.
H&W chief executive John Wood said: “The seas around Scotland are a rich resource for renewable energy.
“We feel the proposed investments into our sites would best maximise this opportunity and support growth in this increasingly vital sector.
The plans we have submitted to Sowec are indicative of our ambitious plans for Arnish and Methil, and our desire to make Harland & Wolff a leading player in the renewables industry.”
He added: “With the investment outlined for Methil, we hope to build upon Energy Park Fife’s reputation as an offshore wind hub, whilst funding for Arnish is focused on providing critical capacity for projects on Scotland’s west coast.
“In each of their own way, proposals for both sites aim to greatly enhance Harland & Wolff’s manufacturing facilities to best ensure a quality service for our offshore wind
clients.
With the investment outlined for Methil, we hope to build upon Energy Park Fife’s reputation as an offshore wind hub, whilst funding for Arnish is focused on providing critical capacity for projects on Scotland’s west coast.”
“Our proposals would support the creation of hundreds of jobs.
“We are committed to nurturing a skilled workforce that will both contribute to local economies and reinforce Scotland’s reputation as a global leader in sustainable infrastructure.”
First Minister says Harland & Wolf’s ability to service renewable energy industry from its Arnish and Methil yards is ‘clear to see’
H&W’s investment news follows a recent visit to Arnish by Humza Yousaf.
The first minister said: “There is clearly a wealth of important work taking place.
“It was fantastic to see the opportunities that Arnish is offering to local people, including through its apprenticeship programme.
“Harland & Wolff’s ability to service and maintain the renewable energy sector through both of its Scottish sites was clear to see.
“I look forward to hearing more about the continued progress in Arnish and Methil throughout the ongoing Sowec process.”
LSE, thank you for sharing! G8 news.
Another desperate attempt to grab public cash.
£270m? Where's that coming from, then?
Https://www.offshorewindscotland.org.uk/news/2024/april/02/full-sim-stage-2-list-published/
April 2nd... Same day the current share price rise started. Coincidence?
It should bolster the mcap somewhat with £270m of capital investment
It's difficult to put a degree of certainty on this proposal. It's difficult to assume any timeline. It's difficult to pin down how the public/private funding will influence the balance sheet (asset value vs debt structure)...
what is not difficult, is to realise that a company with a market cap of around £20m, with revenues growing strongly, involved in market sectors very much in the spotlight...represents an incredible opportunity for investors.
Should the if, buts and maybes of Arnish and Methil come to fruition, you will be buying into a company at a fraction of it's future value.
The uplift to NAV following huge capital investments in the four facilities, the accretive impact to net profit from state of the art, labour reducing machinery will all pay dividends.
As for the morning. Positive but no cigar just yet...finance needs sorting.
Great articles LSE and Kaeren
don't see why this would be RNS as its only proposals; but with all the recruitment,trucks they are really gathering pace and it also shows what the company are working on behind the scenes.
Every day and week that passes we are gradually leaving the naysayer's behind. crack on John; crack on...
Everything doesn’t require an RNS but when you consider that last year by this point we had:
A Trading Update
A Business Update and Outlook
An announcement of an Investor Event
It does beg the question why? With so much apparently happening do shareholders not deserve updating rather scouring newspapers and social media?
LSE03 Thanks for the posts.
Having now read the article one thing I am not sure of is this investment in addition to the £200m debt financing or in addition to it. If the latter then that would mean around half a billion of investment going into the sites. The one area that is not covered in the artice is where is the funding coming from. Clearly it cannot come from HARL on its own so I presume that the funding will be coming through the SOWEC.
I assume SOWEC
H&W’s two Scottish sites have both advanced to the next stage of a key route to public and private sector partnership funding.
It is hoped the Scottish Offshore Wind Energy Council (Sowec)’s Strategic Investment Model (Sim) programme will deliver major infrastructure upgrades."