Contract Win

RNS Number : 4718N

Harland & Wolff Group Holdings PLC

01 June 2022

 

This announcement contains inside information

01 June 2022

Harland & Wolff Group Holdings plc

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

£8.5m contract win from Cory Group for Harland & Wolff (Belfast)

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 an initial contract worth approximately £8.5 million with Riverside Resource Recovery Limited, part of the Cory Group of companies ("Cory") for the fabrication of eleven barges.

The barges will be used by Cory to transport London's recyclable and non-recyclable waste on the River Thames.

Fabrication will take place at the Harland & Wolff Belfast site, with first steel being cut within approximately eight weeks' time. The programme schedule allows for four barges to be built in tandem, with the entire build programme ending around Q2 2023. Fully fabricated barges will be sequentially delivered to Cory with the client taking delivery on the River Thames.

Harland & Wolff, group CEO John Wood, commented:

"With this material contract, we shall be opening up our vast undercover fabrication halls in Belfast and making optimal use of our new robotic welding panel line. This contract gives us the opportunity to optimise our production flows in readiness for other fabrication programmes in our plans and it demonstrates the variety of fabrication work that our facilities are ideally placed to execute upon. I am delighted to have secured this contract with our new client, Cory Group, and look forward to working very closely with them to deliver on their new barge investment programme going forward."

For further information, please visit  www.harland-wolff.com  or contact:

Harland & Wolff Group Holdings plc John Wood, Chief Executive Officer Seena Shah, Head of Marketing & Communications	[phone] [e-mail]   [e-mail]
Cenkos Securities plc (Nominated Adviser & Broker) Stephen Keys / Callum Davidson / Dan Hodkinson (Corporate Finance) Michael Johnson (Sales)	[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.

About Cory Group

· Cory is one of the UK's leading waste management and recycling companies.

· Cory operates one of the largest energy from waste facilities in the United Kingdom, with a unique river-based infrastructure on the Thames for delivering waste.

· The company currently works directly with eight London Boroughs, including Hammersmith and Fulham, Lambeth, Wandsworth, Bexley, Tower Hamlets, the Royal Borough of Kensington and Chelsea, Barking and Dagenham, and the City of London.

· Key statistics from 2021 include:

o  782,000 tonnes of non-recyclable waste were diverted from landfill, saving 170,000 tonnes of CO₂ from being released into the atmosphere.

o  532 GWh of baseload electricity generated.

o  170,000 tonnes of ash were turned into aggregate for construction.

o  71,000 tonnes of recyclable waste were sorted.

o  £141.4m underlying revenue was made in 2021, with £73.6m in EBITDA.

· Cory is planning to invest more than £800 million in its operations and river infrastructure over the coming years. This includes the planned Riverside 2 energy from waste facility next to the company's existing energy from waste facility in Belvedere.

For further information, please visit http://www.corygroup.co.uk/

 

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