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O&G will be needed and bought for decades, regardless of the extremist alarmist eco zealots claims, or those who say everything is perfectly normal
£15,000, can buy at 13.17 pence, sell 12.38p. Very stuck in the 12/13 pence range.
Would be nice of FIG to sign off on the OM, for ICSID to chuck out ROI spurious appeal sometime soon.
Company cash in January was $10m.
Would be nice to hear more of these long lead items being announced as below form March. Unusually for Harland and Wolf it does not state who the contract is for, however it fits for Sea Lion.
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 signed a five-year Master Services Agreement for the fabrication of large structures with a global oil services company supplying subsea infrastructure across the major hydrocarbon basins around the globe.
The Company has now received its first purchase order under that agreement to fabricate six subsea structures with a contract value of approximately £3 million. These highly specialised structures are used in oil and gas platforms and the surrounding infrastructure, capable of withstanding pressures of 430 bar (6,235 psi) and as such are mission critical parts.
These structures will be built over the next 18 months at the Company's Arnish site in a staged delivery programme with an expected completion date in H1 2025.
Good morning SpaceHoppa,
Yes it would be nice to hear more news, but the more I think about it, why would Navitas, RKH or any company involved in Sea Lion openly shout about what they are doing! Sam apparently cannot visit Argentina for fear of being locked up, anyone who had tied their flag to the mast has been blacklisted from doing business with Argentina.
So there is no reason at all for Harland & Wolff Group or anyone else for that matter saying they are working on the SL project unless they really have to. May as well just keep thier powder dry with bland statements like “ signed a five-year Master Services Agreement for the fabrication of large structures with a global oil services company supplying subsea infrastructure across the major hydrocarbon basins around the globe.”
Maybe when the EIS gets published, then the cat will be out of the bag as I would imagine they would have to name the suppliers in such a document, but until then it’s a case of softly, softly, catch the monkey!
LTT
Good Morning LTT,
that is a fair point, about Argentina's hissy fitting over anyone who has dealings with the Falkland O&G industry. I'm not sure Milei thinks that way but he is working against an indoctrinated country, and we know from the UK civil service how obstructive they can be.
On the reasonable assumption FID will happen, then news will out soon enough anyway. Guess I'm getting impatient for despite knowing lots is happening, not knowing is boring as hell !
Space, I don't understand why the H&W release relates to Sea Lion. There is nothing at all in the statement that can be tied back to the Falklands/Sea Lion/Navitas/Rockhopper. For all we know, it is for the North Sea which will be the closest to Arnish Point where the manufacturing happens. It might as well be for installations in the Gulf of Mexico or Guyana or Indonesia.
Nothing at all points to Sea Lion. You are free to dream on, obviously
Ancientarcher,
you seem new here so I will cut you some slack despite the dream on comment.
I've indicated it fits for Sea Lion as the order is for ' six subsea structures'. You may not be aware that the phase 1 plan is for five wells pre first oil. The absence by H&W of who the units are for, further suggests in 'might' be for Sea Lion.
If you know of another company that needs 5 or 6 of these units with expected completion date in H1 2025 I am all ears !
Space,
Lots of projects happening in the Gulf of Mexico and structures needed in the North Sea, not necessarily related to new projects but field expansions etc..
Well, I am long RKH, so there is a tendency to interpret every piece of news that might be tangentially related to the Sea Lion project in a positive light. I have also previously dreamt, interpreting positives in the words of Durant, Linda Cook where there were none and many other things besides. Yes, we all want to see Sea Lion happen, and why not - being on this board means you are holding RKH shares. But interpreting barely related things as positives we we must all guard against.
Ancientarcher, that is fair comment and good to hear you are invested. No surprise being heavily invested that I'm keen to see progress and also based on what we know, strongly believe Navitas are going to give the go ahead within the next 12 months.
I agree we can not look at anything and everything as being related to Sea Lion, but with the H&W contract, it all just fits nicely with Navitas's SL plans and their timescales. I looked at other contracts H&W had won, and they tended to name the company they were working for, this one that fits SL, they didn't. Time will tell :-)
Seeing as on March 7 H&W announced as preferred bidder for new port facilities and their history with FIG this does make sense (what space hoops said) in my opinion:
HARLAND & WOLFF PREFERRED BIDDER TO PROVIDE NEW PORT FACILITIES ON THE FALKLAND ISLANDS
Harland & Wolff has been chosen as the preferred bidder by the Falkland Islands Government (FIG) to support delivery of the islands’ port facility, known as FIPASS.
The decision was announced by FIG following a sitting of its Executive Council last week. The value of the contract is between £100 and £120million.
Harland & Wolff already has a great legacy with the Falkland Islands, as it built the six linked barges which make up the islands’ existing port facility more than 40 years ago. The FIPASS project involves the build, transportation, and installation of four floating pontoons, each measuring around 90 metres each in length.
Reacting to this week’s news, Harland & Wolff Chief Executive Officer, John Wood, said: “We are proud to have been chosen as the preferred bidder for the FIPASS replacement, marking another significant achievement in our expanding non-defence portfolio.
“This project not only highlights our enduring partnership with the Falkland Islands Government but also reinforces our reputation as a trusted provider for large and complex marine engineering projects.
“With our history of delivering the original FIPASS, we bring a wealth of experience combined with the latest in manufacturing innovation to deliver a modern, efficient, and sustainable port system.
“This project not only signifies a step forward for the Falkland Islands but also for Harland & Wolff as we continue to build on our legacy of excellence and innovation.”
The full details of the contract are currently being determined, but Harland & Wolff has the flexibility to carry out the build work across its four sites including Belfast, Appledore, Arnish and Methil.
Circumstantial evidence NN, but the two announcements a day apart, again suggests a connection with Falklands.
HARLAND & WOLFF SIGNS CONTRACT BRINGING FIVE-YEAR SUBSEA INFRASTRUCTURE FABRICATION PROGRAMME TO ARNISH YARD
Harland & Wolff has signed a five-year Master Services Agreement for the fabrication of large structures with a global oil services company supplying subsea infrastructure across the globe. The work will be carried out at its Arnish yard, on the Isle of Lewis.
The company has now received its first purchase order under that agreement to fabricate six subsea structures with a contract value of around £3million. These highly specialised structures are used in oil and gas platforms and surrounding infrastructure. Each is capable of withstanding pressures of 430 bar (6235 psi).
These structures will be built over the next 18 months at the company’s Arnish site in a staged delivery programme with an expected completion date in 2025.
Was announced on same day 7th March and all the timings stack up. if it looks like a duck sounds like a duck and walks like a duck it must be a duck? Or sealion in this case. I may top up again this week
GLA
The first announcement regarding FIPASS is very positive. Just means that by giving the go-ahead for FIPASS FIG is getting off its ass and starting to do its part in getting things ready. FIG won't commit such a significant sum of money without reason. Now, the reason might not just be getting ready for Sea Lion, their old port was getting 'old' duh, so probably a replacement. But I will be very surprised if getting ready for Sea Lion didn't play a role. Next step is a c
---------
5 March 2024
Harland & Wolff Group Holdings plc
Award of Preferred Bidder Status for the Falkland Islands Port Replacement Project
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 preferred bidder status for the Falkland Islands Port Replacement Project ("FIPASS") by the Falkland Islands Government.
Subject to agreeing final contract pricing and concluding commercial negotiations, the Directors believe that this project could generate total revenues between £100 million - £120 million over a two-year period, with works on the project expected to commence this year. The FIPASS project involves the build, transport and installation of four floating pontoons of approximately 90 metres each in the Falkland Islands. Conditional on the award of the final contract, the Company intends to spread the work across its multiple facilities in order to provide optionality and de-risk the fabrication of these pontoons.
The Company will make a further announcement upon formal execution of the contract.
John Wood, Chief Executive Officer of Harland & Wolff Group of Companies, comments: "Following a competitive bid process, I am delighted that the Falkland Islands Government has selected Harland & Wolff as preferred bidder for this project. The Company enjoys an excellent relationship and a rich heritage with the Falkland Islands given that Harland and Wolff built the six linked barges which make up the existing port facility 45 years ago. I look forward to working closely with the Falkland Islands Government and bringing this contract to fruition."