Harland & Wolff Group Holdings PLC Acquisition of Vessel (4724N)
June 01 2022 - 2:00AM
UK Regulatory
TIDMHARL
RNS Number : 4724N
Harland & Wolff Group Holdings PLC
01 June 2022
This announcement contains inside information
1 June 2022
Harland & Wolff Group Holdings plc
("Harland & Wolff" or the "Company")
Acquisition of the Former HMS Atherstone
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 acquired the former HMS Atherstone from the Ministry of Defence
(MOD).
The former HMS Atherstone is a mine hunting class vessel that is
no longer in Service. The Company has acquired this vessel with a
view to refurbishing it for non-military uses, discussions for
which have already commenced with interested parties.
As announced previously, the Company is involved in a
competition run by the MOD regeneration programme for the former
HMS Quorn (M55). Management believes that the acquisition of the
former HMS Atherstone will significantly de-risk the M55
regeneration programme given that the two vessels share a number of
spare parts and components. Should the Company be awarded the
regeneration programme for the M55, such spare parts and components
on the HMS Atherstone will be utilised during the regeneration
programme of the M55. Management expects negotiations with the MOD
on the M55 regeneration programme to be completed in the next few
weeks with an announcement to be made thereafter, should an award
be made in the Company's favour.
Harland & Wolff, group CEO John Wood, commented:
"I am delighted that we have acquired the former HMS Atherstone.
The benefits of this acquisition are two-fold; we now can
significantly de-risk the M55 regeneration programme by utilising
spares and component parts common to the two vessels, which has
been recognised by MOD and will certainly help in closing out the
negotiations over the next few weeks. Secondly, we also can utilise
this platform as the basis for other clients' projects, which will
be a valuable revenue stream for 2023. I am pleased that we have
generated a lot of interest for the repurposing of the former HMS
Atherstone, and I expect to make announcements in this regard as
soon as we have executed a refurbishment contract with a
counterparty."
For further information, please visit www.harland-wolff.com or
contact:
Harland & Wolff Group Holdings plc +44 (0)20 3900 2122
John Wood, Chief Executive Officer investor@harland-wolff.com
Seena Shah, Head of Marketing & Communications 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
----------------------------
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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