London-listed InfraStrata has signed of a letter of intent with Triumph Subsea Services for the construction of two wind farm development vessels at its Harland & Wolff shipyard in Belfast.
In accordance with the pact, InfraStrata would build one vessel, with Triumph having an option for an additional vessel.
They would not only be used for fixed and floating wind farm installations, but also for subsea cable laying and providing marine services for offshore carbon capture and green hydrogen projects.
Each vessel is expected to generate revenues for Harland & Wolff of between £340 million and £360 million over the 24-30 month period of fabrication, followed by additional revenues if further through-life support contracts are secured.
Both parties intend to execute a contract to build the vessels by the end of June 2021.
John Wood, chief executive of InfraStrata, which bought Harland & Wolff from administrators last year, said: “This letter is one of many potential projects that we are working on and is in line with our strategy to make the Harland & Wolff Group a leading shipbuilder and fabrication company in the UK.
“As previously indicated, fabrication will become a huge element of our business moving forward and, by utilising both our Belfast and Appledore capacities symbiotically, we are able to provide an attractive works schedule to our clients.
“Should this project proceed to contract, it will provide a sound base for Harland & Wolff to demonstrate its capacity and capability to deliver cutting-edge vessels, whilst retaining sufficient spare capacity for other projects across both yards.
“Given the expected quantum of local content that will be required in all UK renewable projects in the future, we have positioned our shipyards to provide pathways to our project development clients, which easily meet their obligations to the government as they move from the planning to the construction phase of their respective projects.
“These vessels would be at the forefront of the latest technological innovations for the marine industry and we are very excited to be a critical part of this hugely important part of the economy that we believe is set to grow exponentially in the months and years to come.”