21st Nov 2019 14:53
(Alliance News) - InfraStrata PLC said Thursday it has entered into a memorandum of understanding with Spanish shipbuilding company Navantia SA.
The infrastructure firm said this heads of agreement is the first step towards a partnership with Navantia, under which "both companies will work together on a multitude of infrastructure and marine projects to take then to commercial fruition".
Subject to completion of the acquisition of the assets of Harland & Wolff Heavy Industries Ltd and Harland & Wolff Group PLC by InfraStrata, the memorandum envisages utilizing these assets for the purposes of providing a range of services to Navantia, the company said.
These services will include supporting Navalia in its proposed tender for contracts to provide three new Fleet Solid Support ships for the Royal Fleet Auxiliary in the UK. Also, both parties will co-operate closely on other opportunities in the offshore wind renewables sector and other projects, the company said.
At the beginning of October, InfraStrata announced it has agreed to buy the assets of Harland & Wolff Heavy Industries and Harland & Wolff Group from administrator BDO NI for GBP6.0 million.
The assets comprise a multi-purpose fabrication facility, quaysides and docking facilities in the port of Belfast, Northern Ireland, which are "ideally suited" for the energy infrastructure industry and the company's projects.
Prior to the Harland & Wolff deal, InfraStrata has been focused on developing the Islandmagee gas storage project in Northern Ireland.
John Wood, interim chair and chief executive officer of InfraStrata, said: "The combination of Navantia's footprint in these sectors and Harland and Wolff's fabrication and other support capabilities offers the ideal commercial environment to bring large and challenging projects to successful fruition."
InfraStrata shares were up 2.3% in London at 0.31 pence each on Thursday afternoon.
By Loreta Juodagalvyte; [email protected]
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