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6 Mar 2024 07:00
This announcement contains inside information.
6 March 2024
Harland & Wolff Group Holdings plc
("Harland & Wolff" or the "Company")
New Contract Win - Arnish
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 that it has signed a five-year Master Services Agreement for the fabrication of large structures with a global oil services company supplying subsea infrastructure across the major hydrocarbon basins around the globe.
The Company has now received its first purchase order under that agreement to fabricate six subsea structures with a contract value of approximately £3 million. These highly specialised structures are used in oil and gas platforms and the surrounding infrastructure, capable of withstanding pressures of 430 bar (6,235 psi) and as such are mission critical parts.
These structures will be built over the next 18 months at the Company's Arnish site in a staged delivery programme with an expected completion date in H1 2025.
John Wood, CEO of Harland & Wolff Group Holdings commented:
"I am delighted that Arnish is recognised as a centre of excellence to deliver critical subsea infrastructure. This contract marks a significant step for the Company and builds on the highly technical work the yard has already undertaken on suction anchors, piles and the work it is currently performing for the Sea Rose FPSO Contract. These specialised subsea structures are a new product area for Harland & Wolff and we expect that successful delivery of this contract will open up significant opportunities for additional contracts in subsea infrastructure going forward."
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 investor@harland-wolff.com media@harland-wolff.com |
h2Radnor (Investor Relations) Neville Harris | +44 (0) 20 3897 1838 |
Cavendish Capital Markets Limited (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
| +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.
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