Harland & Wolff Group Holdings PLC (AIM:HARL) said it has bought the former minesweeper HMS Atherstone from the Ministry of Defence (MOD to accelerate its refit of another former minesweeper.
The purchase is part of Harland & Wolff's attempt to de-risk and regenerate former minehunter HMS Quorn, also known as M55, given that the two vessels share many spare parts and components.
“The benefits of this acquisition are two-fold; we now can significantly de-risk the M55 regeneration programme by utilising spares and component parts common to the two vessels, which has been recognised by MOD and will certainly help in closing out the negotiations over the next few weeks,” said John Wood, chief executive.
"Secondly, we also can utilise this platform as the basis for other clients' projects, which will be a valuable revenue stream for 2023.".
Additionally, the company that operates in the maritime and offshore industry has been awarded a contract for the fabrication of 11 barges worth £8.5mln.
Cory will use the barges to transport recyclable and non-recyclable waste along the River Thames.
Harland & Wolff said the build programme is expected to be completed by the second quarter of 2023 and the fully fabricated barges will be delivered sequentially to Cory with the client taking delivery on the Thames.