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10 December 2020
UK New Build WDV ST-269 Letter of Intent
Triumph Subsea Services is pleased to announce that it has issued a Letter of Intent to InfraStrata plc for one firm and one optional ST designed 200m x 35m Windfarm Development Vessels (WDV). The vessels are a turn-key solution for floating windfarm installations, cable laying and providing marine services for offshore carbon capture and green hydrogen projects. Following Triumph's business model of building and operating vessels with maximum local content the UK vessels will provide numerous employment opportunities for the UK supply chain. These opportunities will also exist during the vessels execution of UK renewables projects as the vessels will be crewed and operated by UK personnel.
Quoting InfraStrata’s stock exchange release:
“Under the terms of the LoI, InfraStrata's fully owned subsidiary, Harland & Wolff (Belfast) Limited would be responsible for the build, assembly and delivery of the WDVs to Triumph. The LoI initially contemplates the build of one vessel, with Triumph having an option for an additional vessel to be built at Harland & Wolff (Belfast). The WDVs, when fabricated and delivered, will incorporate the latest in advanced marine technology, robotics, safety systems as well as autonomous systems. Additionally, these vessels will come with diesel-electric hybrid engines that will eventually transition into hydrogen fuel cells, thereby offering what management consider to be the "greenest" solutions to wind farm developers. As multi-purpose vessels, the WDVs will not only be utilised for fixed and floating wind farm installations but will also be capable of sub-sea cable laying and providing marine services for offshore carbon capture and green hydrogen projects.
In line with the UK Government's target of having at least 40GW of installed wind capacity, once constructed, the WDVs will also fulfil project developers' obligations to incorporate as much local content as possible within their projects in order to be eligible for and monetise the various Government-led incentives; particularly in the wind farm and marine sectors. The WDVs are expected to be fabricated with local content from a UK supply chain and will be principally utilised for projects in all nations within the United Kingdom. With the parties having signed this LoI, the next steps towards a binding contract will involve, inter-alia, analysis of the detailed design packages, agreement of timelines and milestones from fabrication to delivery and, finally, placing of the necessary financing structures by Triumph and its partners with Harland & Wolff. Once contracted, each vessel would be expected to generate revenues for Harland & Wolff of between £340 million and £360 million over the 24-30 month period of fabrication, followed by additional revenues if further through-life support contracts are secured.”
Please click below link for full InfraStrata Press Release: