RE: A Penny rises is not that exciting5 Mar 2024 07:40
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 or contact: