Execution of FSS Programme Manufacture Contract

RNS Number : 0483N

Harland & Wolff Group Holdings PLC

18 January 2023

 

18 January 2023

Harland & Wolff Group Holdings plc

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

Execution of the Fleet Solid Support Programme (FSS) Manufacture Contract

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, further to its announcement on 16 November 2022 regarding the award of preferred bidder status, the formal contract signature of the Manufacture Contract for the £1.6 billion Fleet Solid Support Programme (FSS) has now taken place between Navantia UK Limited (Navantia) and the Ministry of Defence (MOD).

The formal ceremony for the Manufacture Contract has taken place at Harland & Wolff's Belfast facility today with Secretary of State the Rt Hon  Ben Wallace MP, senior industry leaders and representatives of each party of Team Resolute in attendance. This contract now clears the way for the execution of the sub-contract between Navantia and the Company, which is expected to occur in the next couple of weeks. On the execution of the sub-contract, the Company will make an announcement setting out in further detail, inter-alia, the scope of works to be undertaken by the Company commencing immediately upon signing of the sub-contract and leading up to full scale production on FSS.  

John Wood, Group Chief Executive Officer, Harland & Wolff comments: "The execution of the Manufacture Contract is the second major step towards kick-starting the FSS Programme, with the Preferred Bidder announcement in November as the first step. I look forward to finalising our negotiations on the sub-contract with Navantia and proceeding to formal signing."

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]
Liberum Capital Limited (Joint Broker) Nicholas How / Edward Mansfield	[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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