Harland & Wolff wins first US contract worth US$1.5m, expands UK barge contract by £8.5m
Marine engineer () announced that its recently opened Miami office has won its first US contract worth $1.5m to support TampaShip, part of Edison Chouest Group, in the construction of a floating dock for the Bollinger shipyard facility in the Gulf of Mexico.
Harland said fabrication works have already commenced and are expected to complete within the next three months.
Separately, Harland announced on Monday an additional £8.5m contract award from Cory Group for a further 10 barges, adding to its existing 2 contracts awarded in 2022 for the construction of 23 barges.
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Harland continues to grow its pipeline, now featuring for the first time a US contract less than 6 months after the shipbuilder established its business in Florida. This brings Harland's global markets up to 5 as the company hopes to see rapid growth of its North American and US-UK crossborder operations in the coming years. Further announcements are expected as the US$1.5m contract with TampaShip progresses.
Separately, Harland announced yesterday a substantial addition to its existing contract with Cory Group. The extension, worth £8.5m, will see 10 more barges constructed as deliveries have already begun from the original 2022 contract. With three Harland sites now building for Cory, the 2 companies have further flexibility for orders.
In its FY22 results, Harland detailed significant growth with revenues up 51% to £27.96m and a contracted backlog of £900m, compared to £100m in FY21. Late last year, a Harland-led consortium was awarded the massive £1.6bn contract for the Royal Navy's Fleet Solid Support (FSS) Programme, prompting a large jump in share price, which has since consolidated. Later in FY23, Harland was awarded its subcontract for the project, yielding several years of significant revenue visibility.
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