Harland and Wolff’s (HARL) Belfast yard has won a £61 million contract to upgrade the SeaRose, a Floating Production, Storage and Offloading (“FPSO”) vessel.
Investors will hear why Cenovus Energy in Canada, one of the largest players in the FPSO industry, awarded this contract to H&W and how this contract win enables the Company to enter the highly specialised FPSO market.
John Wood added the SeaRose arrives in February and is expected to stay in one of Europe’s largest dry-docks until the summer.
In other news, John noted that that they are also well into the detail of pre-planning for the £1.6 billion Fleet Solid Support contract with procurement activity already taking place, with initial revenue from the contract expected to be recognised this financial year.
The Capex upgrade programme is also well underway at Belfast and Appledore, with the new and highly sophisticated Panel Line technology ordered and the civils contract for the fabrication hall extension has been awarded and already underway.
John ended the interview with focusIR by discussing the Islandmagee gas storage facility where, as expected, the Judicial Review decision has been appealed. He remains convinced gas security for Ireland and the UK will once again prove decisive factors ensuring the initial Judicial Review will be upheld and remains confident the project will be built.
Harland & Wolff (HARL)