Following on from news earlier this week of a possible £70m contract win the Belfast-based ‘strategic infrastructure projects’ group Harland & Wolff Group Holdings (LON:HARL) has announced the creation of a new technology subsidiary.
To be based in Aberdeen, the UK’s energy capital, the new company HWT notes that new technologies within the marine market are advancing at a considerable pace.
It will ensure the £30.5m capitalised group, which has a near £900m order book, will be at the forefront as an early adopter of the essential new technologies.
Its focus on batteries, propulsion, future fuels and systems integration will facilitate progress towards being a successful leader in these areas and make a meaningful contribution to the UK’s Net Zero targets.
The new subsidiary will be developing a suite of support agreements and joint venture partnerships with Original Equipment Manufacturers, in order to provide the highest level of service to the group’s clients.
CEO John Wood commented:
“With projects starting to ramp up and new technologies increasingly being incorporated into the majority of them, the establishment of HWT enables us to be at the forefront of client requirements now and into the future.
In the first instance, we will be focusing on in-service support including mechanical, pipework, fabrication and outfitting services.
HWT’s offering will allow assets to be in operation whilst being serviced by our riding crews.
Ultimately, this will reduce the time spent by an asset in a dry dock, keep it in continuous operation, and therefore reduce downtime costs, all of which are highly attractive outcomes for our clients.”
The group’s shares, which Broker Cenkos Securities rate as a Buy, are trading this morning at 13.70p, up nearly 5%.