Harland & Wolff secures £8.5m barge contract

(Sharecast News) - Fabrication company Harland & Wolff said on Monday that it had secured a further 10 barge contracts from the Cory Group, worth a total of £8.5m. Harland & Wolff said these 10 barges are in addition to two existing contracts for the build of 23 barges awarded in 2022.

The AIM-listed group said the barge programme continues to "proceed apace", with the work being fulfilled across its sites in Belfast, Methil and Arnish. Eight barges have already been delivered, with the company expecting to complete the entire programme by the first half of 2025.

Chief executive John Wood said: "I am delighted that the Cory Group have contracted with us for the build of a further ten barges following the ongoing delivery of barges under the original contract. With three sites within the group now fabricating for Cory, this has given us the opportunity to de-risk the contracts and provide optionality to both the client and ourselves.

"More importantly, every fabrication contract gives us the ability to add greater levels of vigour to our processes, protocols and methodologies ahead of fabricating for the FSS Programme. I wish to thank Cory for this additional opportunity which demonstrates their confidence in our work."

As of 1330 GMT, Harland & Wolff shares were up 3.09% at 14.69p.

Reporting by Iain Gilbert at Sharecast.com