InfraStrata, the London Stock Exchange-quoted group focused on strategic infrastructure projects and physical asset life-cycle management, issued its Interim Results today.
The company, among other things, owns and operates the assets of Harland & Wolff in Belfast, which boasts two of the largest dry docks in Europe and one of only two docks licenced for marine waste disposal in the UK.
The Harland & Wolff site generates revenue from the fabrication, repair, conversion, recycling and support services for ships and assets in the defence, commercial, cruise and energy sectors.
Importantly, Harland & Wolff is one of only three UK shipbuilders suitable for major MOD contract work and has the only dock suitable for major cruise vessels in the UK. In addition to the above, the Company will utilise the 30,000m2 of undercover fabrication facilities for the Islandmagee gas storage project in the future.
Clive Richardson, Chairman of InfraStrata, said: “We live in unprecedented times. Just like any other business, we are not immune to the challenges caused by the COVID-19 pandemic. Whilst the Company’s management is currently focussed on cash preservation, we have our eyes firmly set on the future.
“When the lockdown is lifted, we expect to put in place a series of contracts at Harland & Wolff. Commodities and people will start moving again in the coming weeks and months. Marine transportation, the only economically viable method of moving goods and people around in large quantities and numbers, respectively, will become even more important as our government seeks to stabilise our economy. As a key strategic infrastructure asset, we are ready to service our clients and bring them up to full operational capacity in support of our government’s economic objectives.
“We have opened up Harland & Wolff to provide six services to five unique sectors (defence, cruise & ferry, commercial, oil & gas and renewables). Our business model is all-encompassing. The size and flexibility of Harland & Wolff lends itself to providing the simplest of repair services through to complex offshore fabrication and shipbuilding.
“Harland & Wolff has a long history, yet we function as a start-up by being nimble, quick and flexible. Our disruptive business model has already been welcomed by our clients with repeat business, which is one of the most important metrics for the future success of Harland & Wolff. Our ownership of the yard has seen a positive start, providing us with a solid platform on which to build over the next 12 months.”
Sea News, April 30