Harland & Wolff Awarded £61 Million Contract for Vessel Refurbishment

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.