Harland & Wolff buyer in MoU with Spanish shipbuilder

InfraStrata plc (AIM: INFA), the U.K. infrastructure project company that is buying the assets of Harland & Wolff, reports that is has entered into a Memorandum of Understanding (MoU) Spanish shipbuilder Navantia S.A

InfraStrata says the MoU is the first step towards formalizing 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.

Subject to completion of the acquisition of the Harland and Wolff assets, the MoU envisages utilizing those assets to providing a range of services to Navantia — including supporting the Spanish shipbuilder in its proposed tender for contracts to provide three new Fleet Solid Support (“FSS”) ships for the U.K.’s Royal Fleet Auxiliary, with certain fabrication works being carried out at Harland and Wolff. Additionally, both parties will cooperate closely with each other on opportunities in the offshore wind renewables sector as well as on other marine/offshore and onshore infrastructure projects.

The MoU is non-binding currently and the parties have started discussions to formalize 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 shipbuilding 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.”