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 issued a Notice to Proceed (“NTP” or “LoI”) for the mid-life upgrade and dry docking of a large vessel.
Harland & Wolff was chosen by the client for its ability to execute on a complex mid-life upgrade utilising the Company’s market-leading drydock in Belfast, the largest in the UK.
Subject to formal execution of the contract, the vessel is expected to be in the dry dock for a period of five months through early 2024 and the contract value is expected to be in the region of £60 million – £70 million, dependent on the extent of final works undertaken. As part of the overall project delivery, a sum of £5 million will be made available to the Company immediately to commence various workstreams in 2023 prior to the arrival of the vessel. Apart from the initial sum, this LoI is non-binding and will be subject to execution of a formal contract that is expected within 2-3 months.
A further announcement will be made on execution of the final contract.
For further information, please visit www.harland-wolff.com or contact:
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Harland & Wolff Group Holdings plc John Wood, Chief Executive Officer Arun Raman, Chief Finance Officer
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+44 (0)20 3900 2122 |
