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Islandmagee Update – Concept Study Findings

17 Apr 2023 07:00

RNS Number : 3447W
Harland & Wolff Group Holdings PLC
17 April 2023
 

This announcement contains inside information

 

17 April 2023

Harland & Wolff Group Holdings plc

("Harland & Wolff" or the "Company")

Islandmagee Energy - Concept Study Findings

Harland & Wolff Group Holdings plc (AIM: HARL), the UK quoted company focused on strategic infrastructure projects and physical asset lifecycle management, is pleased to share the findings of the Large-Scale Hydrogen Concept Study by Atkins, in connection with the Company's Islandmagee Gas Storage Facility (the "Report") that was initiated last year and has now been completed with a formal report issued to the Company.

The Report documents the work carried out in order to provide further design definition on the selected concept of integrating hydrogen processing and storage at the Company's Islandmagee Gas Storage Facility. This phase of the work has further developed the Company's strategy, to utilise at least one of seven currently permitted salt caverns by a capacity offtake partner to store hydrogen combined with a suitably sized hydrogen compression and dehydration train in order to meet the gas quality parameters specified by a grid operator.

The findings of the Report state that, subject to regulatory approval, hydrogen can be stored in the salt caverns and withdrawn to a hydrogen grid when required. The Large-Scale Hydrogen Concept design, developed by Atkins as part of the Ballylumford Power-to-X consortium, takes into account the existing natural gas design at the Company's facility and the potential to utilise the site for the Ballylumford Power-to-X project. It also takes account of the existing subsurface design carried out during the natural gas design phase in 2018.

The key outcomes of the pre-FEED stage of this project are as follows:

· Integrating hydrogen onto the Islandmagee Gas Storage Facility is technically feasible based on existing technologies and can be located on the current Islandmagee site utilising many of the shared benefits of the location.

· The Report concluded that additional capital expenditure required to integrate hydrogen compression, dehydration, and cooling into the Company's Islandmagee Gas Storage Facility would be approximately £168 million, with no incremental costs for drilling, leaching and creation of a salt cavern.

· The Report determined that development of the salt caverns for hydrogen would follow a similar methodology to that proposed with the existing design for the gas storage facility. Whilst specific wellheads and associated equipment could be utilised to enable hydrogen storage, additional costs would need to be incurred and further operating protocols put in place for hydrogen venting around existing leaching and de-brining equipment. However, in general, there is minimal difference from a cavern perspective as to what gas medium is stored.

· The Report found that re-use of planned natural gas plant facilities wherever possible to develop the hydrogen facilities would be economically and operationally prudent so that systems are not re-designed for hydrogen unless required. Shared systems would include, inter alia:

 

Controls and operations of the facility from a common system and location.

 

Electrical systems such as switch rooms and transformers.

 

Utilities such as nitrogen, instrument air, drainage and chemicals.

 

Cavern creation equipment including seawater lift pumps, leaching equipment, and debrining tanks as well as other associated equipment.

The Company believes that this study and the Report's findings takes it one step further in future proofing the project and preparing it for the transition from a natural gas to a hydrogen led economy. The findings of this study will be shared with the Company's current and future counterparties which will stimulate further detailed conversations on mechanisms to monetise the project. The Company will make further announcements in due course in relation to this project.

 

 

Harland & Wolff Group Holdings plc

John Wood, Chief Executive Officer

Seena Shah, Head of Marketing & Communications

 

+44 (0)20 3900 2122

investor@harland-wolff.com  

media@harland-wolff.com

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 when completed.

 

This communication is a "Reach" announcement. Reach is a non-regulatory news service. By using this service an issuer is confirming that the information contained in this announcement is of a non-regulatory nature. Information required to be notified under the AIM Rules for Companies, Market Abuse Regulation or other regulation would be disseminated as an RNS regulatory announcement and not on RNS Reach.

 

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
 
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MSCEAELKFDDDEAA
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