RE: Another RNS8 Nov 2023 09:27
The Company has selected its Appledore facility to build aluminium vessels and the Company intends on making Appledore as the centre of excellence for aluminium related work. Both parties have identified opportunities in the UK market and will be working jointly on such opportunities as soon as the Teaming Agreement has been executed.
"I am delighted to have signed this MoU with Austal, a global leader in the aluminium vessel market. As we embark on the next phase of the Company's growth and development, we will be partnering with Austal not only for the transfer of technology to build aluminium vessels but to also join hands with them when bidding for contracts. Austal's skills and decades of experience in the aluminium build space are second to none and I look forward to working closely with them to build the next generation shipyard capability for aluminium vessels in the UK."
The Company has identified significant new contract opportunities in the aluminium vessel market and the Directors believe that this MoU will significantly enhance the Company's ability to bid on and win such contracts. A number of tenders, both from government and the private sector, are calling for the build of aluminium vessels that are lightweight and can achieve nautical speeds greater than traditional steel-built vessels. The Directors believe that the Newquay yard in the Company's Appledore facility is an ideal location for this purpose. Accordingly, the Company will be undertaking a study and a build plan to convert the Newquay yard into the Group's centre of excellence for aluminium.