Member Info for stokey12

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.

LSE03 ref 06.36 post an interesting development.

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.

Comment on timing of news by Daniel Fearnley https://www.linkedin.com/feed/update/urn:li:activity:7186017153450397696/?commentUrn=urn%3Ali%3Acomment%3A(activity%3A7186017153450397696%2C7186038216557240320)&dashCommentUrn=urn%3Ali%3Afsd_comment%3A(7186038216557240320%2Curn%3Ali%3Aactivity%3A7186017153450397696)&dashReplyUrn=urn%3Ali%3Afsd_comment%3A(7186064800899026944%2Curn%3Ali%3Aactivity%3A7186017153450397696)&replyUrn=urn%3Ali%3Acomment%3A(activity%3A7186017153450397696%2C7186064800899026944)

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/

The Defence Secretary made a written statement yesterday which can be found here https://questions-statements.parliament.uk/written-statements/detail/2024-04-15/hcws404 In short Japan will be working with the AUKUS countries on certain matters of common interest.

Twib ref 07.08 post that is my thinking as well. I presume SOWEC will be coordinating as opposed to making direct investment.

Having now read the article one thing I am not sure of is this investment in addition to the £200m debt financing or in addition to it. If the latter then that would mean around half a billion of investment going into the sites. The one area that is not covered in the artice is where is the funding coming from. Clearly it cannot come from HARL on its own so I presume that the funding will be coming through the SOWEC.

LSE03 Thanks for the posts.

I am having problems with my adblockeer so I am having problems reading this so can someone give me a quick summary of the story. I note the stated investment is greater than the UKEF backed loan that HARL has been negotiating

Si_Derman ref 16.54 post I noticed that they are advertising four Heath and Safety jobs at Belfast

Just seen this vacancy show up via a repost by David Honeyman. I note that although the vacancy seems to be based at Belfast it does say tha the person could work at any of the sites.

Job Description

************Can be based Arnish, Belfast, Appledore or Methil********************

The Engineering Director main areas of responsibility; managing the engineering staff and their technical output, understanding the business strategy and growing the capability to meet these aspirations and providing engineering input and design reviews for future and current contracts.

The Engineering Director will be accountable to the Group Chief Engineer.

They will deputise for the Group Chief Engineer when required and therefore have authority over engineering staff.

Key Tasks and Activities

Responsible for engineering resource allocation across disciplines, programmes and projects in the H&W sites, ensuring engineering projects, are correctly scoped and resourced to meet site General Managers and Programme Project Managers delivery requirements.

To take the lead role in the application, review and upkeep of engineering business processes and quality assurance procedures across engineering conducted at the H&W sites.

Responsible for key development of Governance across the Engineering function.

Ability to influence internal and external stakeholders in a matrix environment.

Ability to use technical data to influence stakeholders.

Be the initial point of contact for engineering and design resource for Programmes and instil a delivery ethos.

Be the key communication link between the General Managers, Project Managers and the Engineering Teams, represent the Group Chief Engineer at programme design reviews and present engineering programme reports.

Develop individuals and group capability in line with business strategy.

Recruitment of engineering capability for H&W sites to meet growth strategy aims.

Assist Programme and Project Managers with engineering input to Bid responses.

Lead Project Technical Authority and conduct Peer Reviews as delegated by Group Chief Engineer.

Set up LFE sessions from each Programme and amend Engineering processes as required

Link to see the qualifications is https://www.linkedin.com/feed/update/urn:li:activity:7185599828637184000/

LSE03 ref 13.33 post BAe must think the MoD although the client needs to just agree to anything they want. The MoD must grow a backbone and tell BAe that they need to keep to their contract and deliver all the Type 26s as planned.

Scaffman ref 12.09 post everyone knows 2 + 2 = 5

ONLYMEE ref 09.51 post saw that the consensus on the internet is that even five years is too long.