Completion of acquisition of assets of Harland and Wolff

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InfraStrata, the UK quoted company focused on strategic infrastructure projects and physical asset life-cycle management, is pleased to announce that it has today completed the acquisition of the assets of Harland and Wolff.

The Company now has 100% ownership of the assets following a £3.30 million payment to BDO LLP, in line with the payment schedule outlined in the announcement dated 11th November 2019. An additional £1.45 million is payable by 30th April 2020.

John Wood, Interim Chairman and Chief Executive Officer, commented: “Harland and Wolff is once again open for business. This is an important day for InfraStrata, the Harland & Wolff workforce and the region as a whole.

“With the keys now in hand, we will shortly be finalising a number of exciting contracts, as well as discussions with lenders, details of which I look forward to sharing very soon. Additionally, we will be seeking to bring in a few near-term revenue generating opportunities as quickly as possible which will strengthen our technical and operational capabilities for significantly larger projects in the future including our on-going gas storage and other energy infrastructure projects.

“I would like to take this moment to welcome our new employees to the business and thank those who helped us get to this point. I am confident that, together, we can now secure and deliver meaningful projects which reaffirm Harland & Wolff’s international reputation as a quality manufacturer of maritime and energy infrastructure.”

Michael Jennings, Partner at BDO NI and Joint Administrator for Harland & Wolff commented: “We congratulate John and the team at InfraStrata and wish them every future success as the new owners of Harland and Wolff. Throughout this process we have been hugely cognisant of not only the international reach and recognition of the iconic Harland and Wolff brand, but also the important role the company has played in Northern Ireland’s history. Harland and Wolff is part of the fabric of the city of Belfast and we are delighted that it has been saved by InfraStrata.

“Having worked closely with the unions and staff, we know that the dedication and determination of both to see Harland and Wolff continue for generations to come is extraordinary. We are proud to have been involved in this process and we know that, under the leadership of InfraStrata, Harland and Wolff will continue to grow and prosper for many years.”