Harland & Wolff Group Holdings, the UK-based strategic infrastructure and asset lifecycle management firm, has landed a lucrative contract that could significantly bolster its top line. The company announced it has secured preferred bidder status for the Falkland Islands Port Replacement Project (FIPASS) from the Falkland Islands Government.
Harland & Wolff shares were 13% higher at the time of writing.
If final contract pricing and negotiations are successfully concluded, the Directors estimate the FIPASS project could generate total revenues in the range of £100 million to £120 million over a two-year period. Work on the project is expected to commence later this year.
The project involves the construction, transportation, and installation of four floating pontoons, each approximately 90 meters long, in the Falkland Islands. Harland & Wolff intends to leverage its multiple facilities to spread out the fabrication work.
“Following a competitive bid process, I am delighted that the Falkland Islands Government has selected Harland & Wolff as preferred bidder for this project,” said John Wood, Chief Executive Officer of Harland & Wolff.
“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.”
