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Pin to quick picksHarland & Wolff Share News (HARL)

Share Price Information for Harland & Wolff (HARL)

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Share Price: 9.50
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Harland & Wolff inks GBP3 million subsea contract with oil firm

Wed, 06th Mar 2024 13:57

(Alliance News) - Harland & Wolff Group Holdings PLC on Wednesday said that it has signed a master services agreement with a global oil services company for the fabrication of large structures.

The London-based fabrication serves the maritime and offshore industries.

Harland didn't the name of the customer, but said it is responsible for supplying subsea infrastructure across major hydrocarbon basins around the globe. The agreement is for five years.

The first purchase order under the agreement is for the fabrication of six subsea structures, with a contract value of GBP3 million. These will be built over the next 18 months at the Arnish site in Scotland, in a staged delivery programme that is expected to complete in the first half of next year.

"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 [floating production, storage and offloading] contract," said Chief Executive Officer John Wood.

"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."

Harland & Wolff Group shares were up 1.6% at 12.39 pence in London on Wednesday afternoon.

By Holly Beveridge, Alliance News reporter

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Copyright 2024 Alliance News Ltd. All Rights Reserved.

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