(Alliance News) - InfraStrata PLC on Friday said that further milestones at the Islandmagee gas storage project were completed, while its acquisition of Harland & Wolff Heavy Industries Ltd assets progresses.
Infrastrata said a draft marine baseline report and an updated environmental impact assessment was completed at the Northern Ireland project. The findings were then issued to the Department of Agriculture, Environment & Rural Affairs, a Northern Ireland government department.
A final investment decision and the appointment of a company chair are among the milestones scheduled to be completed before the end of December, InfraStrata said.
Infrastrata also explained that its acquisition of Harland & Wolff assets in a Belfast shipyard is at an "advanced stage".
In October, the company agreed to buy the assets from administrator BDO NI for GBP6 million, saving the shipyard, where the Titantic cruise liner was built, from closure.
The company said: "Due diligence and negotiations to satisfy the acquisition conditions continue and the company is working towards completing the acquisition as soon as possible, and earlier than the pre-agreed backstop date of December 31."
Infrastrata Chief Executive John Wood added: "We are working diligently, together with the various stakeholders, to complete the deal, and we are pleased to see due diligence and negotiations at a very advanced stage. We remain committed to signing an APA as soon as is practically possible and look forward to providing further updates when the remaining items are finalised."
Infrastrata shares were 0.8% lower at 0.42 pence each in London on Friday afternoon.
By Eric Cunha; ericcunha@alliancenews.com
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