Harland & Wolff Group Holdings has announced that it has been awarded a £61 million contract for a significant vessel refurbishment project by Canadian oil and natural gas company, Cenovus Energy.
The renowned U.K. strategic infrastructure projects company revealed on Friday that the revenue from this contract is included in management's revenue expectations for 2023 and 2024, with projected figures of £100 million and £200 million respectively. Around £10 million is anticipated to be received in 2023, with the remaining sum expected in the following year.
This contract award comes after the issuance of a letter of intent in late July.
The vessel is slated to arrive in the first quarter of 2024 and will undergo more than three months of refurbishment in the building dock. Pre-arrival works have already commenced, and some fabrication works will commence before the end of the year, as stated by Harland & Wolff. The project will involve the employment of up to 1,000 individuals at its peak, including both staff and subcontractors.
Our Latest News
Mortgage Rates Drop to Lowest Level Since Mid-August
Mortgage rates hit their lowest point since mid-August, generating interest in applications. Home builders remain positive about the market.
Yen Strengthens Amid Reports of Possible Policy Tweak by Bank of Japan
The yen strengthens against the dollar as reports suggest the Bank of Japan may adjust its yield-curve control policy. This potential modification could allow f...
Li Auto: A Profitable Player in the Electric Vehicle Market
Li Auto, a profitable electric vehicle (EV) maker, is set to release its third-quarter results. With strong sales growth and consistent profitability, Li Auto h...