MoU signed with Navantia

RNS Number : 1142U

Infrastrata PLC

21 November 2019

 

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 ("MAR"). With the publication of this announcement via a Regulatory Information Service, this inside information is now considered to be in the public domain.

21 November 2019

InfraStrata plc

("InfraStrata" or the "Company")

Memorandum of Understanding signed with Navantia, S.A, S.M.E.

InfraStrata plc (AIM: INFA), the UK quoted company focused on strategic infrastructure projects and physical asset life-cycle management, is pleased to announce that is has entered into a Memorandum of Understanding ("MoU") with Navantia S.A., S.M.E. ("Navantia"), the Spanish shipbuilding company.

This MoU is the first step towards formalising a Teaming Agreement with Navantia, under which, both companies will work together on a multitude of infrastructure and marine projects to take them to commercial fruition ("Teaming Agreement").

Subject to completion of the acquisition of the assets of Harland and Wolff, as announced on 01 October 2019 and further on 11 November 2019, the MoU envisages utilising the assets of Harland and Wolff for the purposes of providing a range of services to Navantia.

These services include, inter alia, supporting Navantia in their proposed tender for contracts to provide three new Fleet Solid Support ("FSS") ships for the Royal Fleet Auxiliary, with the view to performing certain fabrication works at Harland and Wolff. Additionally, both parties will co-operate closely with each other on other opportunities in the offshore wind renewables sector as well as in other marine/offshore and onshore infrastructure projects.

This MoU is non-binding currently and the parties have commenced discussions to formalise the relationship via a binding Teaming Agreement.

John Wood, Interim Chairman and Chief Executive Officer, commented: "We are very excited by the opportunity that this MoU presents InfraStrata and the Harland & Wolff business. Navantia is world renowned for its ship-building capabilities and offshore infrastructure expertise and experience, and therefore has access to significant commercial opportunities in these sectors. The combination of Navantia's footprint in these sectors and Harland and Wolff's fabrication and other support capabilities offers the ideal commercial environment to bring large and challenging projects to successful fruition."

**ENDS**

For further information, please visit www.infrastrataplc.com or contact:

InfraStrata plc John Wood, Chief Executive & Interim Chairman	c/o Newgate Communications [phone]
Allenby Capital Limited (AIM Nominated Adviser & Joint Broker) Jeremy Porter / Liz Kirchner	[phone]
Arden Partners plc (Joint Broker) Paul Shackleton / Dan Gee-Summons	[phone]
Newgate Communications (PR) Chris Midgely / Elisabeth Cowell	[phone]

About InfraStrata

InfraStrata is a London Stock Exchange-listed group focused on global energy infrastructure projects.

The rapid development of the 100% owned Islandmagee Gas Storage Project is a core workstream for InfraStrata. It is expected to provide 25% of the UK's natural gas storage capacity and to benefit the Northern Ireland economy as a whole when complete. Given that the Committee on Climate Change has advised that the UK will still need a significant quantity of natural gas by 2050 - about 70% of today's consumption - the market opportunity for this project is compelling. 

In November 2019, the Company signed a conditional contract to acquire the principal assets of Harland & Wolff in Belfast to undertake the fabrication work for the project, as well as to create secondary revenue streams through the provision of services to the energy, maritime and defence sectors should such opportunities arise in future.

Mindful of the fact that safe, secure and flexible sources of energy are needed for a sustainable future, InfraStrata is focused on providing investors with exposure to a growing portfolio of UK, European and international energy infrastructure projects. With this in mind, the Company's highly experienced team is focused on acquiring, developing and commercialising innovative infrastructure projects around the world. 

Further information is available on the Company's website: www.infrastrataplc.com. 

The Front-End Engineering & Design (FEED) and Insitu Downhole Testing programme for the Islandmagee gas storage project is co-financed by the European Union's Connecting Europe Facility.

Disclaimer releasing the European Union from any liability in terms of the content of the dissemination materials:

"The sole responsibility of this publication lies with the author. The European Union is not responsible for any use that may be made of the information contained therein."

 

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