20 Feb 2023 07:00
This announcement contains inside information
20 February 2023
Harland & Wolff Group Holdings plc
("Harland & Wolff" or the "Company")
Harland & Wolff Group Holdings plc (AIM: HARL), the UK quoted company focused on strategic infrastructure projects and physical asset lifecycle management, announces that it has secured six new smaller contracts within the defence, cruise & ferry and commercial fabrication markets.
Pursuant to these contracts, the Company will undertake routine repairs as well as new fabrication works, to be carried out across the Company's yards in Belfast, Appledore and Arnish. These contracts, which have been entered into with various prime contractors and operators, are expected to be completed during the next 12-18 months and have an aggregate value in excess of £10 million.
Whilst the Company is bound by confidentiality in terms of disclosing certain contractual details and client names, it can confirm that works on four of these contracts will commence this month in Belfast, and will involve fabricating a drydock gate for a client that operates a defence facility, repairs on a jack up barge that is used for installation of offshore structures, as well as regular repair works on five vessels comprising a product tanker and four ferries. In Arnish, the Company has been contracted to undertake additional fabrication works for an ongoing mining project. Furthermore, the Company has been contracted to fabricate a frame at its Appledore facility for a prime contractor as part of its ongoing defence programme.
John Wood, Group Chief Executive Officer, Harland & Wolff comments:
"Since the commencement of 2023, we are seeing an uptick in the level of enquiries flowing through all the yards for multiple projects. Whilst securing the longer-term FSS Programme as part of team Resolute was a major milestone for the Company, the Company must continue to rely on securing and executing smaller projects across its yards, adding to the experience and skills of the workforce. I am delighted that we have significant traction across all our markets and are moving forward to consolidate our position as a partner of choice in each market."
Harland & Wolff Group Holdings plc
John Wood, Chief Executive Officer
Seena Shah, Head of Marketing & Communications
+44 (0)20 3900 2122
Cenkos Securities plc (Nominated Adviser & Broker)
Stephen Keys / Callum Davidson / Dan Hodkinson (Corporate Finance)
Michael Johnson (Sales)
+44 (0)20 7397 8900
Liberum Capital Limited (Joint Broker)
Nicholas How / Edward Mansfield / Lucas Bamber / Antonia Brown
+44 (0)20 3100 2000
About Harland & Wolff
Harland & Wolff is a multisite fabrication company, operating in the maritime and offshore industry through five markets: commercial, cruise and ferry, defence, energy and renewables and six services: technical services, fabrication and construction, decommissioning, repair and maintenance, in-service support and conversion.
Its Belfast yard is one of Europe's largest heavy engineering facilities, with deep water access, two of Europe's largest drydocks, ample quayside and vast fabrication halls. As a result of the acquisition of Harland & Wolff (Appledore) in August 2020, the company has been able to capitalise on opportunities at both ends of the ship-repair and shipbuilding markets where there will be significant demand.
In February 2021, the company acquired the assets of two Scottish-based yards along the east and west coasts. Now known as Harland & Wolff (Methil) and Harland & Wolff (Arnish), these facilities will focus on fabrication work within the renewables, energy and defence sectors.
In addition to Harland & Wolff, it owns the Islandmagee gas storage project, which is expected to provide 25% of the UK's natural gas storage capacity and to benefit the Northern Irish economy as a whole when completed.