InfraStrata sign MoU with Navantia

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InfraStrata plc (AIM: INFA), the UK quoted company focused on strategic infrastructure projects and physical asset life-cycle management, is pleased to announce that is has entered into a Memorandum of Understanding (“MoU”) with Navantia S.A., S.M.E. (“Navantia”), the Spanish shipbuilding company.

This MoU is the first step towards formalising a Teaming Agreement with Navantia, under which, both companies will work together on a multitude of infrastructure and marine projects to take them to commercial fruition (“Teaming Agreement”).

Subject to completion of the acquisition of the assets of Harland and Wolff, as announced on 01 October 2019 and further on 11 November 2019, the MoU envisages utilising the assets of Harland and Wolff for the purposes of providing a range of services to Navantia.

These services include, inter alia, supporting Navantia in their proposed tender for contracts to provide three new Fleet Solid Support (“FSS”) ships for the Royal Fleet Auxiliary, with the view to performing certain fabrication works at Harland and Wolff. Additionally, both parties will co-operate closely with each other on other opportunities in the offshore wind renewables sector as well as in other marine/offshore and onshore infrastructure projects.

This MoU is non-binding currently and the parties have commenced discussions to formalise the relationship via a binding Teaming Agreement.

John Wood, Interim Chairman and Chief Executive Officer, commented: “We are very excited by the opportunity that this MoU presents InfraStrata and the Harland & Wolff business. Navantia is world renowned for its ship-building capabilities and offshore infrastructure expertise and experience, and therefore has access to significant commercial opportunities in these sectors. 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.”

Sea News, November 22