Contract Award

Harland & Wolff Group Holdings PLC

06 November 2023

 

This announcement contains inside information.

6 November 2023

Harland & Wolff Group Holdings plc

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

Additional £8.5 million contract award from Cory Group

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 been awarded a further ten barge contract from the Cory Group for a total value of £8.5 million. These ten barges are in addition to the existing two contracts for the build of 23 barges that were awarded in 2022.

The barge programme continues to proceed apace with the work fulfilled across the Company's sites in Belfast, Methil and Arnish.  Eight barges have been delivered to date and the Company is expected to complete the entire programme by H1 2025. 

John Wood, CEO of Harland & Wolff Group Holdings comments:

"I am delighted that the Cory Group have contracted with us for the build of a further ten barges following the ongoing delivery of barges under the original contract. With three sites within the Group now fabricating for Cory, this has given us the opportunity to de-risk the contracts and provide optionality to both the client and ourselves. More importantly, every fabrication contract gives us the ability to add greater levels of vigour to our processes, protocols and methodologies ahead of fabricating for the FSS Programme. I wish to thank Cory for this additional opportunity which demonstrates their confidence in our work."

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	[phone] [e-mail]    [e-mail]
Cavendish Securities plc (Nominated Adviser & Broker) Stephen Keys / Callum Davidson / Dan Hodkinson (Corporate Finance) Michael Johnson (Sales)	[phone]
Liberum Capital Limited (Joint Broker) Nicholas How / Edward Mansfield	[phone]
Radnor Capital Partners (Investor Relations) Neville Harris / Joshua Cryer	[phone]

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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