Here is this from one of the DUP MPs on the committee https://mydup.com/news/mod-must-maximise-potential-of-nis-defence-sector
Consuela ref 09.31 post with your clear anti HARL views you would say that. The point made by Professor Taylor at around 1.18 does not support your interpretation in my view. His points were firstly that the capaicty may not be and HARL may not be able to recruit the numbers needed. This is not anything new it is in fact one of the items on thenrisk register. The second point is that due to the size of the contract and its importance MoD should in a supportive way monitor the delivery contract and be ready to give help if needed. I note the example that he gave was the Ajax where the MoD let the contract then just left the contractor to it. Clearly with the problems that Ajax has had that was the wrong approach.
Consuela ref 19.48 post I think if I recall you are referring to the witness from the RUSI. The witness from ADS Northern Ireland did not say that. Also they referred to the three Primes in Northern Ireland Spirit Aereosystems, Thales and HARL. The thrust of the evidence certainly from ADS Nortern Ireland is that work to the SMEs flows from the three primes. In short they were arguing for work to go to HARL.
Also while the RUSI representative did refer to FSS assembly as a big challenge he did not say that HARL would not succeed it comes down to the preparations for the contrract.
AimMaster2018 ref 18.23 post I would refer you to the Fundin message thread from this morning. Whether you go with my calculations or Kaeren's calculations there is no need for an equity raise for the forseeable future that I can see. Excluding normal business revenue HARL is likely to receive loans and investment in excess of £300m. None of this will require an equity raise.
The recording from this morning's session of the Northern Ireland Select Committee can be found here https://parliamentlive.tv/event/index/205f6c19-4ad4-4d54-b4c3-a02b20625011 HARL was given an early mention.
Xenor ref 13.19 post I am not sure that is always the case. Not that it did them any good, I recall that Sirius Minerals did go from AIM to the FTSE250 based on what looking back on it was a weird valuation. So it is possible to do but I would be inclined to say wait until the markets are more favourable.
Thi has just been posted on LinkedIn puts me too shame
When most of us will still be tucked up in bed this Sunday morning, Harland & Wolff storeman Jon Lamont will be tying up his laces, pinning on his race number, and running the TCS London Marathon.
What makes this feat even more incredible is that in 2017 ad 2018, Jon underwent two gruelling surgeries to remove a brain tumour and months of exhausting treatment. But its testament to this amazing man that he, together with his wife Jess, will be pounding the famous 26.2miles to raise money for Brain Research UK.
The second surgery left nerve damage which means Jon, who works at our Appledore site, has restricted vision and had to give up driving. But after returning to work in August 2018, he now works full-time keeping our stores and stock in great shape and is a hugely popular member of staff at our Devon yard.
Now nervously awaiting the start line, Jon explained: “One night last year while we were in a pub, my wife took my phone off me and before I knew it had entered me in the London Marathon. So, its all her fault I’m having to run this!”
Jon and Jess’ participation is being fully sponsored by Harland & Wolff.
The couple’s five-year-old son, Chester, will be staying at home with grandparents and following mum and dad’s progress via their runners’ numbers online.
Jon said: “I am feeling both nervous and excited. Keep reminding myself not to go off too fast. I expect by the time I've finished I'll be emotional and very proud to have completed this race.
“I would like to thank my wife for pushing me and entering the race for me. None of this would have happened without her.
“My dream will be to get round in under four hours, but anything around four will be great. Jess has more grit and determination than me, so I expect she’ll beat me.”
If you would like to follow Jon and Jess’ progress, their race numbers are:
Jon 63260
Jess 19795
If you would like to sponsor Jon and contribute to the Brain Tumour Charity, you can find his fundraising page below:
Si_Derman ref 08.51 post Until this story came out I had not heard about the Stornoway Offshore Wind Hub. I presume thaat it lies somewhere between Arnish Point and the Stornoway Deep Water Terminal. I suspect that the £99m is all for HARL and Stornoway Port Authority funded the Deep Water Terminal. At then risk of the thread going off on a tangent one thing puzzles me the reference to work on a quay would I be right in thinking that this is close by HARL Arnish?
Lottie123 ref 08.30 post I agree with you but my understanding is that IM will make p part of the security for the loan. As far as I am aware in addition to the UKEF guarantee the lenders wanted additional security. However that was when we were looking at an 80% guarantee. Now that it is a question of a 100% guarantee this may have changed. If additional securityn is no longer required what effect will this have on the assets of HARL
Kaeren ref 07.55 post With regards to IM I largely agree with you whether the loan is obtained is not dependent on the decision of the NICA. However IM is part of the security that is being provided so if its value is altered by the NICA decision that may be relevant. I am curious what the documentation you have read that you referred to in your post is.
Your calculation of the potential investment is with respect wrong as you appear to have taken out the loan but added in the £77m. However, the £77m investment is not all coming in this year some would have been used last year in relation to the increase to the fabrication building and probably other works. When it comes to the debt financing it needs to be remembered that the existing debt is in USD while the new funding is in GBP so has to be converted into GBP before being deducted from the gross investment. I note that my calculation gives an investment figure £20m greater than your figure.
Looking at the possible capital funding for HARL that we know of I am making the following ASSUMPTIONS on when they are likely to be seen.
SOWEC £270m investment - Daniel Fearney said on LinkedIn responding to a comment from a real troublemaker ‘unfortunately not, we are in the process but there is no current timeline to news of success.’ And if there was a timeline he would know. That said I am inclined to the view that a decision will be needed sooner than later. As HARL would need to start on these improvements soon if they are to be ready in time for contracts in relation to Scotwind. I am therefore expecting this funding being improved this year.
Debt Refinancing £200m Loan - This saga has been dragging on but I am expecting a resolution in late Q2 or early Q3. My reasoning is that once we have a decision from the NICA on the appeal then a value on IM can be placed on it on the basis that it will be going ahead.
So this year HARL should see investment/loans coming in of £470m gross and £367m net of existing debt based on an exchange rate of 0.81 and fees. This level of investment is on the par with the investment being put into their facilities by BAB and Bae.
The Secretary of State for Energy and Net Zero was answering questions in the House yesterday. Q1 was on Floating Offhore Wind the Qs as anoher question was asked at the same time as it was related can be found here https://hansard.parliament.uk/commons/2024-04-16/debates/ACEBB983-279A-4158-9BD2-9CB241DF71A7/FloatingOffshoreWind It seems to have turned into something of a mini debate.
LSE03/Scaffman thanks for this. I note what you said Scaffman about the need for a RNS but I am not sure I would agree with you. I would have thought if it was important enough to put a news item on the website then it surely would justify an RNS Reach.
Si_Derman ref 08.02 post Not sure on that if I recall from the April 2 SOWEC announcement there is some event later in the year where evryone will pitch their proposals. I will try and dig up the report.
I am not sure if the defence committee debate referred to was posted on but here is a short report on it from UK Defence Journal https://ukdefencejournal.org.uk/government-accused-of-smoke-and-mirrors-on-defence-budget/