Triumph Subsea Services Ltd. have advised that it has formally cancelled the Letter of Intent that was issued to InfraStrata Plc on the 9th December 2020 for one firm and one optional ST designed 200m x 35m Windfarm Development Vessels (WDV) to be constructed at its Harland & Wolff shipyard in Belfast.
Each vessel was expected to generate revenues for Harland & Wolff of between £340 m and £360 m over the 24–30-month period of fabrication, followed by additional revenues if further through-life support contracts were secured.
John Wood, chief executive of InfraStrata said at the time “Should this project proceed to contract, it will provide a sound base for Harland & Wolff to demonstrate its capacity and capability to deliver cutting-edge vessels, whilst retaining sufficient spare capacity for other projects across both yards and it is one of many potential projects that we are working on and is in line with our strategy to make the Harland & Wolff Group a leading shipbuilder and fabrication company in the UK”.
For clarity and in respect of the NDA signed between the parties, Triumph says within its statement that it is only emphasising points that are already in the public domain and or have actually been declared and posted by InfraStrata on the London Stock Exchange website.
Triumph says its decision to cancel the LoI was not taken lightly, quoting a section of InfraStrata’s stock exchange release from the 30th June 2021 as completely erroneous, misleading and a false representation of the truth.
It adds that as a UK entity, Triumph believes it is a grave shame and travesty that key strategic maritime assets such as the H&W shipyard and other fabrication yards within the InfraStrata portfolio are not being utilized to their full potential, nor are they being used to assist the UK government in its decarbonisation and Net Zero aspirations.
The company says it remains fully committed to building its vessels in the UK and therefore welcomes discussions with any UK shipyards and or consortium of UK yards that are able to execute the build of vessels.