Member Info for stokey12

LSE03 ref 18.08 post The statement almost leaves as many questions as it answers. It is not clear whether the money will go to one consortium or will be divided amongst a number. That said if I recall down the road from HARL (Belfast) I believe there is a boat designer who might be willing to tie up with HARL to deliver on this.

Andrewjt ref 16.07 post I agree but I do think that JW does.The impression I get is that he does not appreciate the importance of sentiment and news has on the share price.

LSE03 ref 12.47 post If I recall HARL has an interest in the Ballyumford project which is looking at long duration storage. But it is looking at Hydrogen storage. Can it be adapted for energy storage?

RichardMcV ref 08.50 post The Butterfly A is currently scheduled to leave on Friday. The Excalibur is definitely along stay as it is not due to leave until the 28 February. I am a bit confused as to why HARL are not making more of the Excalibur being in port considering its size and a jack up platform does not visit that often.

5085 ref 23.17 post Thanks for this it made interesting reading. I have a couple of takeaways on this.

First with the best will in the world whatever the outcome of the JR in May there is no way that IslandMagee will be operational in time to avoid the issues outlined in the article this winter,
Second Centrica says that it would cost £150m to double Rough's capacity. The capacity at IslandMagee is less than Rough's so the question is could HARL cover the cost of getting IslandMagee operational from current debt facilities.
Third as an alternative can HARL get a loan from HMG in exchange for a 10% equity share in IslandMagee Energy Limited.
Fourth would the Ballyumford Power to X project be able to be operational to assist by this winter.

I am not good on parts of a ship. Appledore did the bow blocks on HMS Prince of Wales would that affect the shaft bearings which are misaligned which is why she is in drydock at the moment?

HarChris ref 19.23 post How much notice do people take of what Allen Green says.

MSA ref 16.01 post I recall reading something along those lines. I wonder if HARL will get some sub contract work out of it?

AimMaster2018 ref 12.51 post With all due respect everything you say in your post was true last week apart from the MCap when you were running the company down. All of a sudden you seem to have noticed how undervalue it is. As an example booked contracted revenues for 2023 is £40m this comes from contracts signed last year.

AimMaster2018 ref 12.08 You appear to have changed your tune. In principle I have no problem with that but the fundamentals on HARL have not changed so what has caused your changed view. It can not be the risk reward as that has not chaged.

I am sure that eventually the MPs will run out of questions to ask. Of the latest batch of questions there was this one it clarifies something from the last Defence Select Committee meeting. It is surprising considering how many contracts the various Team UK members have.

'Mr Kevan Jones
Labour
North Durham
Commons

To ask the Secretary of State for Defence, how many compliant final submission bids were received by his Department for the Fleet Solid Support Ship contract.
Answer
Alex Chalk
Conservative
Cheltenham
Commons
Answered on

3 February 2023

The Fleet Solid Support ship competition followed an iterative competitive process that was run strictly as set out in the rules contained in the Invitation to Negotiate. This included the application of the evaluation criteria and a bidder engagement and contract negotiation programme affording all bidders several opportunities over a ten-month period to meet with Ministry of Defence officials to receive feedback on their proposed solutions and extensively refine their bids, within the parameters of the competition. The Department received one compliant final bid submission.'

I was looking at the February 1st RNS again and I noticed something. In the RNS it says:

'Under the terms of the Subcontract, the Company will be responsible for delivering works which are expected to generate revenues of between £700 million and £800 million to the Company by the time the final vessel is delivered….The Subcontract is for a duration of seven years commencing in 2023 and ending in 2031.'

The scope of the works are defined as:

'the Company will be responsible for the fabrication of various blocks including some mega blocks (i.e., a block incorporating several standard sized blocks) as well as the procurement of a number of items of equipment to be installed on each vessel in Belfast….all three bow sections for this Programme will be fabricated in Appledore prior to being transported to Belfast. The three vessels will have all the blocks assembled, consolidated, fully integrated and commissioned before proceeding to sea trials from the Belfast facility.'

When you read the two parts together it would appear that all three vessels are planned to be completed a year early. I presume this is to allow for any issues arising out of the sea trials. If there are no issues then the main manufacture contract will be delivered early. This would increase HARL's credibility with the MoD.

This article fromJanes does not add anything new that was not in the RNS. However Janes is a respected defence publication so being mentioned in it can only be good.https://www.janes.com/defence-news/news-detail/harland-wolff-signs-subcontract-with-navantia-uk-for-fss. I note that some publications appear to have only mentioned the sub contract yesterday so I wonder what this would do to trading on Monday as they are trade publications and not investment publications.

Xenor ref 15.26 post I would refer you to the RNS about the purchase of Appledore. The shares given to Appledore Land were part consideration for the purchase price of Appledore Shipyard and not part of a debt to equity deal.

It seems that Appledore were offloading the majority of their holding they are now down to less than 2%.

Chrisatrdg ref 11.01 post a crosscheck on the Belfast Harbour website confirms it is docking today and is currently scheduled into BDD. It is scheduled to stay for a week.

Xenor ref 08.51 post in relation to IM I am not convinced that a JV will be necessary. My reasoning is that with the current energy crisis the National Infrastructure Bank would be willing to lend/guarantee the finance. HARL would then only need to employ people to run the operation. This would also mean that HARL could possibly retain 100% of the equity.

Xenor ref 21.26 post I suspect that any change in the guidance will come with the Q1 trading update on 31 March if we have one.

Xenor ref 21.26 post I suspect that any change in the guidance will come with the Q1 trading update on 31 March if we have one.

I do not like to do speculation but one thing that was tucked away in the subcontract RNS that has not been discussed much is this comment ' The addition of this Programme moves us materially closer to our target of £1bn of contracted backlog of work by the end of 2023.' Firstly, I was not aware that there was such a target. Have I missed a discussion on the near term strategy or shareholders being kept in the dark. Secondly, the FSS sub contract is worth £700m at its low end. This leaves £300m left to meet the £1bn target of contracted backlog of work. Unless there is another defence contract they are going for it seems that they are looking at either new build or conversion work on shipping on the back of the Cory Barges contract or some large renewables contract. There has been talk about demonstrator units in relation to floating wind turbine.