Harland & Wolff Group Holdings PLC MoU - New Aluminium Vessel Build (7863S)
08 November 2023 - 10:19AM
UK Regulatory
TIDMHARL
RNS Number : 7863S
Harland & Wolff Group Holdings PLC
08 November 2023
This announcement contains inside information.
8 November 2023
Harland & Wolff Group Holdings plc
("Harland & Wolff" or the "Company")
Memorandum of Understanding - New Aluminium Vessel Build
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 Memorandum of Understanding ("MoU") with Austal Ships
Pty Ltd ("Austal") for technology transfer, skills, and shipyard
capabilities required to build the next generation of aluminium
vessels. Austal is an Australian global ship building company and
defence prime contractor specialising in design, construction and
support of defence and commercial vessels, and is a leading entity
in aluminium technologies within shipbuilding.
The MoU is shortly expected be converted into a binding Teaming
Agreement between the two parties that will include, inter
alia:
-- Use of Austal's designs for the next generation of patrol vessels
-- Technology transfer from Austal to H&W including specialist manufacturing knowledge
-- Equipment procurement and supply chain management for aluminium vessels
The Company has selected its Appledore facility to build
aluminium vessels and the Company intends on making Appledore as
the centre of excellence for aluminium related work. Both parties
have identified opportunities in the UK market and will be working
jointly on such opportunities as soon as the Teaming Agreement has
been executed.
The Company has identified significant new contract
opportunities in the aluminium vessel market and the Directors
believe that this MoU will significantly enhance the Company's
ability to bid on and win such contracts. A number of tenders, both
from government and the private sector, are calling for the build
of aluminium vessels that are lightweight and can achieve nautical
speeds greater than traditional steel-built vessels. The Directors
believe that the Newquay yard in the Company's Appledore facility
is an ideal location for this purpose. Accordingly, the Company
will be undertaking a study and a build plan to convert the Newquay
yard into the Group's centre of excellence for aluminium.
A further announcement will be made in the next few weeks as
soon as the Teaming Agreement has been executed.
John Wood, Group Chief Executive Officer of Harland & Wolff
comments:
"I am delighted to have signed this MoU with Austal, a global
leader in the aluminium vessel market. As we embark on the next
phase of the Company's growth and development, we will be
partnering with Austal not only for the transfer of technology to
build aluminium vessels but to also join hands with them when
bidding for contracts. Austal's skills and decades of experience in
the aluminium build space are second to none and I look forward to
working closely with them to build the next generation shipyard
capability for aluminium vessels in the UK."
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
Arun Raman, Chief Finance Officer media@harland-wolff.com
Cavendish 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 +44 (0)20 3100 2000
----------------------------
Radnor Capital Partners (Investor Relations)
Neville Harris / Joshua Cryer +44 (0) 20 3897 1838
----------------------------
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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