InfraStrata Buys Harland and Wolff

Business & Finance

The UK-based InfraStrata has entered into an agreement to purchase the principal assets of Harland and Wolff Heavy Industries Ltd and Harland and Wolff Group Plc from administrator BDO NI.

Harland and Wolff (Illustration)

Under the GBP 6 million acquisition, InfraStrata will take 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.

InfraStrata announced it will retain all 79 employees, skilled for fabricating equipment for the energy infrastructure industry, who did not opt for voluntary redundancy.

“Harland and Wolff is a landmark asset and its reputation as one of the finest multi-purpose fabrication facilities in Europe is testament to its highly skilled team in Belfast,” said John Wood, CEO of InfraStrata. “We are delighted to be able to retain 100% of personnel who did not opt to take voluntary redundancy earlier this year.”

InfraStrata’s Board plans to increase the workforce by several hundred in the next five years as the development of infrastructure projects progresses, with new management for the facility anticipated by the end of the year.

According to the company, exclusivity over the assets has been secured, with a GBP 500,000 cash deposit payment to BDO NI to be made imminently from a new loan facility.

The acquisition is subject to due diligence, transfer of leaseholds, funding and the final asset purchase agreement through a newly incorporated Special Purpose Vehicle (SPV), set to be 100% owned by InfraStrata plc.

It is also subject to final contract and funding by 31 October or 31 December if the Backstop Date comes into force.

InfraStrata anticipates to start using the assets in November under a licensing arrangement with BDO NI should the acquisition not be complete by 31 October and the Backstop Date applies.

Harland and Wolff’s most recent offshore wind activity includes the assembly of jacket foundations for the East Anglia One wind farm, as well as manufacturing the suction buckets for the Borkum Riffgrund 2 project.