InfraStrata plc, the UK quoted company focused on strategic infrastructure projects and physical asset lifecycle management, is pleased to announce it has applied to Companies House to trade under the name Harland & Wolff Group Holdings plc.
The company has, over the past 18 months, proceeded through various phases which have included, the acquisition of assets, significant upgrades to all its facilities, the introduction of state-of-the-art technology and has simultaneously established a substantial sales pipeline which now stands at £7.8bn (on an unweighted) and £1.8bn (on a weighted).
The company is now at its final stage of full reactivation of all its yards, which involves building a multi-year backlog for its facilities across its five key markets: defence, cruise and ferry, commercial, renewables and energy. The company believes that this change of name will better reflect its ambition in expanding its core business and the significant development of its shipbuilding and fabrication activities.
The organisation’s flagship Islandmagee gas storage project will retain its name, with management remaining focused on obtaining the Marine Construction Licence and Final Investment Decision (FID) thereafter. Whilst the project now has substantially more life expectancy with the need for major volumes of hydrogen storage (subject to regulatory approvals) it is a relatively straightforward technical change to make in a phased approach as the project transitions from gas to hydrogen over time.
Trading in the company’s shares on the AIM market of the London Stock Exchange under the new name of Harland & Wolff Group Holdings plc is expected to take effect as soon as a new stock ticker name has been issued by the AIM team. An application for the stock ticker “HARL” has been made and will be confirmed as soon as the company’s name has been formally changed at Companies House. A further announcement will be made as soon as regulatory permissions have been secured and the new Company stock ticker has been issued.
In order to reflect the change of name, the company’s corporate website will change to www.harland-wolff.com. The information required pursuant to AIM Rule 26 will be available at this address.
John Wood, CEO of InfraStrata plc commented: “We are delighted to make this announcement today, signalling the end of upgrade and reactivation phases. With the new national shipbuilding strategy due to be released in the autumn and the government’s ten point plan for a Green Industrial Revolution, we have confidence that the shipbuilding and fabrication business will deliver substantial value to all our stakeholders as we enter this exciting new stage of building our multiyear backlog of projects.
Since acquiring Harland & Wolff in December 2019, we have seen the organisation grow significantly; in August 2020 we reopened what is now known as Harland & Wolff (Appledore) and in February 2021, we acquired two ex-BiFab sites based in Scotland – now renamed Harland & Wolff (Arnish) and Harland & Wolff (Methil) respectively giving us one of the largest fabrication footprints dedicated to our core markets, in addition to two of the largest drydocks in Europe which at 80% capacity could give sales of in excess of £500m per annum when operational efficiencies have been achieved.
This is a natural progression in building and further developing the Harland & Wolff brand, our commitments to high-quality jobs across our five markets including the 34 apprenticeships recently announced as well as providing socio-economic investment into local, regional, and national communities.”
About InfraStrata plc
InfraStrata plc is a London Stock Exchange-listed firm focused on the development, commercialisation, and operation of advanced high-value strategic infrastructure facilities across the globe.
The company (formerly Portland Gas plc) demerged from Egdon Resources plc on 16th January 2008 and was admitted to the AIM market on 17th January 2008. The name changed to InfraStrata plc on 15th December 2009. InfraStrata plc is incorporated in the UK, which is its main country of operation.
About Harland & Wolff Group Holdings plc
Harland & Wolff Group Holdings plc is a multisite fabrication company, operating in the maritime and offshore industry through five markets: commercial, cruise and ferry, defence, oil & gas 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 this 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 renewable, oil and gas and defence sectors.
Harland & Wolff Group Holdings plc, is a London Stock Exchange-listed firm. In addition, it also 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.
InfraStrata plc Website: https://www.infrastrataplc.com/
Harland & Wolff Website: https://www.harland-wolff.com/