Harland & Woolf wins £61m contract with Canada's Cenovus Energy

(Sharecast News) - Harland & Wolff, the AIM-listed infrastructure and physical asset lifecycle management firm, on Friday announced that it has won a £61m contract award from Canadian natural gas company Cenovus Energy. The UK company, which provides services like fabrication, construction and decommissioning of equipment in the maritime and offshore industries, will be providing Cenovus with mid-life upgrade services to its SeaRose Floating Production Storage and Offloading vessel.

"This is a significant win within our non-defence portfolio from a global, blue-chip energy group and I am pleased that we are gaining a reputation as a go-to yard for large and complex programmes," said chief executive John Wood.

"With an estimated 1,000 personnel on-site, this project will allow for further synergies in our execution, leveraging off of personnel, skill sets and supply chains that will support the upcoming FSS Programme."

The vessel will arrive in the first quarter of 2024 and will take more than three months. Pre-arrival works have already begun, Harland & Wolff said.

The company pointed out that revenues from this contract are already included within the revenue guidance for this year, as it expected to realise £10m in 2023 and the outstanding balance in 2024.