Member Info for LSE03

15th August

On Thursday 25th August have published the press articles on the Flacks Group website.

https://flacksgroup.com/news/

Separately Michael Flacks CEO has liked JW LinkedIn in last few days.

Seem to be raising their official profile on H&W.

Could second ship at Appledore be used?

Https://ukdefencejournal.org.uk/royal-navy-loking-for-new-harbour-training-ship/

The RFI is a preliminary step in understanding the capabilities available in the market, both current and emerging. While this is not a tendering opportunity, the MoD has made it clear that any future procurement activities related to Project Powerful will be advertised in line with public procurement regulations on the Defence Sourcing Portal and Contracts Finder.

The Royal Navy currently has two former warships set aside for potential conversion into HTSs:

HMS ECHO, a Survey Vessel Hydrographic Oceanic (SVHO), decommissioned in 2022, is currently berthed in a non-tidal berth awaiting disposal, subject to being utilised for Project Powerful.

HMS RAMSAY, a Sandown-class Single Role Mine Hunter made of GRP, is presently being used as a STOROB donor for the Mine Countermeasure Vessel (MCMV) fleet but is not expected to be suitable for regeneration.

The MoD makes clear that respondents to the RFI are not constrained by these options and may propose alternative solutions if available. Interested parties are invited to submit their responses by 11 September 2024.

Https://www.portsmouth.co.uk/news/defence/royal-navy-royal-fleet-auxiliary-strike-portsmouth-4743249

Labour govt need to get behind RFA staff and H&W staff with FSS shipbuild.

Https://www.naval-technology.com/news/hms-richmond-monitors-two-chinese-plan-vessels-in-uk-waters/

“I think the other takeaway is the reminder on how extensive the build up of the PLAN has been,” added Freer. He noted that this is exemplified by the vessels involved in the latest passage:

The Jiaozuo was commissioned in 2022, HMS Richmond in 1995. In fact, since 2013 when the latest Royal Navy escort (cruisers, destroyers, and frigates) was commissioned, China commissioned 58 escorts.

“This is a concerning naval build up which we are yet to really react to. Connected to this build up is the growing evidence that the PLAN will not remain in waters close to China, they will increasingly become a globe-spanning navy and the need to escort PLAN vessels in British waters will likely grow over time.”

Seems like a sensible time for UK gov to plan / prepare for this

Departs 29th Aug from SRQ

Announced completed on LinkedIn 1 week ago.

Https://www.northernirelandworld.com/business/belfast-manufacturing-exhibition-and-conference-returns-next-month-4741206

It's a great initiative - a certain irony that a business that deserves support is literally straight in front of them.

At say 10p a share, a 3% stake is about £0.5m.

That's not small change.

Https://businesschief.asia/leadership-and-strategy/how-li-ka-shing-became-hong-kongs-richest-man

As we are mentioning billionaires - my understanding is one of the recent purchasers of Phoenix Energy for £750m, over 300,000 employees worldwide.

Would you invest £3/4 billion to rundown a NI gas network?.

Expect them to be watching developments.

Https://www.harland-wolff.com/careers/

Operations Manager Belfast ( internal only)

Engineering Evergreen Belfast. Permanent

Interesting that Mr Palmers company Mineralogy is primarily engaged in the exploration and development of mineral resources.

That know how / expertise could help support development of IM salt caverns for gas/hydrogen storage to support island of Ireland energy transition and the wider economy.

https://mineralogy.com.au/

The official media release

https://www.bluestarline.com.au/news-media-releases/

Presumably an overseas £500m Titanic 2 order would attract UKEF funding supporting luxury cruise line market.

But we'd like you to build UK navy ships with no support because defence of the nation is our number 1 priority.

The Department for Business and Trade ("DBT") has notified the Company that HM Government will not be proceeding with the Company's application for the EDG facility at this time.

"at this time" may keep the door open for the future.

Highlighting that 100% UKEF guarantee deals do happen.

There was a previous debate around 80% / 100% UKEF guarantee levels for H&W.

Notes to Editors

The €249 million financing for Kalyon’ Enerji’s project will be structured and raised through Standard Chartered Bank acting as lead arranger and lender.

The financing is guaranteed by a 100% UKEF guarantee, with over €122 million reinsured by KUKE.

This is separate to UKEF’s previous financing in 2021 for Kalyon Enerji’s Karapınar solar project – the largest solar project in Turkey and Europe.

This latest financing follows other transactions Standard Chartered, UKEF and KUKE have recently delivered in Turkey, including the two ECAs supporting a €1.027 billion loan facility raised in 2023 to support a new electric railway between Yerköy and Kayseri, and Standard Chartered providing €2.4 billion for the Turkish Ministry of Treasury and Finance to fund the delivery of the Ankara-Izmir high speed railway project.

Https://www.gov.uk/government/news/uk-and-poland-target-green-exports-with-249-million-financing-for-solar-project

A statement was published on 19 July by Harland and Wolff indicating that the company has commenced discussions with its existing creditors, Riverstone Credit Management LLC, to secure the additional funding it needs. This should

allow the business to continue pursuing its short and

longer-term objectives, in which the Government continue to take an interest. In all our engagements with them, Riverstone Credit Management LLC has recognised the importance of the assets at Harland and Wolff as well as

the people who work there, showing a desire to find pragmatic solutions that support HM Government

objectives.

https://hansard.parliament.uk/Commons/2024-07-22/debates/2407229000006/HarlandAndWolff?highlight=harland#contribution-7FE9917F-6935-41D4-9224-2609085FF2C2

Interesting to reread in the light of talk of a Clive Palmer offer to the business.

The govt seemed comfortable to let the market decide on H&W's future with no govt support for H&W survival so presumably will allow a proper assessment of market offers with complete transparency.

Belfast Telegraph / The Times, UK media should really be covering the Clive Palmer offer.