InfraStrata Finalizes Harland & Wolff Acquisition
- Business & Finance
The UK-based InfraStrata has completed the acquisition of the assets of Harland and Wolff.
InfraStrata now has 100% ownership of the assets following a GBP 3.30 million payment to the administrator BDO LLP, in line with the payment schedule.
An additional GBP 1.45 million is payable by 30 April 2020, the UK company said.
“Harland and Wolff is once again open for business. This is an important day for InfraStrata, the Harland & Wolff workforce and the region as a whole,” said John Wood, Interim Chairman and CEO of InfraStrata.
“With the keys now in hand, we will shortly be finalising a number of exciting contracts, as well as discussions with lenders, details of which I look forward to sharing very soon. Additionally, we will be seeking to bring in a few near-term revenue generating opportunities as quickly as possible which will strengthen our technical and operational capabilities for significantly larger projects in the future including our on-going gas storage and other energy infrastructure projects.
Harland and Wolff has also secured a contract for dockings of two vessels for their owners to carry out annual inspections and maintenance. The contract commences from 20 December and will continue until the dockings are completed in January 2020.
To remind, InfraStrata revealed at the beginning of October that it had entered into an agreement to purchase the principal assets of Harland and Wolff Heavy Industries Ltd and Harland and Wolff Group Plc.
The company took over a multi-purpose fabrication facility, quaysides and docking facilities in the port of Belfast, Northern Ireland, as well as all plant machinery, equipment and industrial and intellectual property.