3 Aug 2023 07:00
3 August 2023
Harland & Wolff Group Holdings plc
("Harland & Wolff" or the "Company")
New Aberdeen Subsidiary - Harland & Wolff (Technologies) Limited
Harland & Wolff Group Holdings plc (AIM: HARL), the UK quoted company focused on strategic infrastructure projects and physical asset lifecycle management, is pleased to announce the establishment of Harland & Wolff (Technologies) Limited ("HWT"), a fully owned subsidiary of the Company.
HWT will be based in the United Kingdom's energy capital - Aberdeen. HWT will operate in conjunction with the Company's four delivery centres across the UK whilst working independently and directly with the Company's clients in other shipyards. One of the main services being provided by HWT will be the in-service support to assets that are already operational and are not in any dry dock.
Richard Davidson has been appointed with immediate effect as Managing Director of the new HWT subsidiary. Richard brings with him over three decades of experience in the energy and maritime markets and has been instrumental in introducing and commercialising new technologies centred around propulsion and fuels. In Richard's last role with Echandia, he was responsible for developing and monetising large scale battery technologies for the marine market.
New technologies within the marine market are advancing at considerable pace and ensuring the Company is at the forefront of this as an early adopter of new technologies is essential. HWT's focus on batteries, propulsion, future fuels and systems integration will facilitate progress towards being a successful leader in these areas and make a meaningful contribution to the UK's Net Zero targets. HWT is developing a suite of support agreements and joint venture partnerships with Original Equipment Manufacturers in order to provide the highest level of service to the Company's clients.
Whilst the Company remains supportive of the UK's Net Zero targets and the transition to cleaner energy and fuels, it is clear that traditional sources of energy will still have a significant role to play over the next few decades. With the recent Government announcement on a series of new North Sea licensing rounds, and the number of enquiries that the Company is addressing for offshore electrification projects, new platform construction projects and in-service support, HWT will be well placed to address a very sizeable business opportunity across these markets.
John Wood, Group Chief Executive Officer of Harland & Wolff comments:
"With projects starting to ramp up and new technologies increasingly being incorporated into the majority of them, the establishment of HWT enables us to be at the forefront of client requirements now and into the future. In the first instance, we will be focusing on in-service support including mechanical, pipework, fabrication and outfitting services. HWT's offering will allow assets to be in operation whilst being serviced by our riding crews. Ultimately, this will reduce the time spent by an asset in a dry dock, keep it in continuous operation, and therefore reduce downtime costs, all of which are highly attractive outcomes for our clients."
For further information, please visit www.harland-wolff.com or contact:
Harland & Wolff Group Holdings plc
John Wood, Chief Executive Officer
Arun Raman, Chief Finance Officer
+44 (0)20 3900 2122
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.