- InfraStrata said it had signed heads of terms to purchase the principal assets of Harland and Wolff Heavy Industries from administrator BDO NI for a total consideration of £6m.

The assets comprised of a multi-purpose fabrication facility, quaysides and docking facilities in the port of Belfast, Northern Ireland, ideally suited for the energy infrastructure industry and the company's projects, InfraStrata said.

Plans were afoot to ‘significantly increase the size of the workforce by several hundred over the next five years as it progresses the development of its infrastructure projects,’ the company added. The number of employees at the Islandmagee Gas Storage Project would also scale to 400 during construction and would employ circa 60 personnel when in operation, it said.

If the company had not completed its detailed due diligence on or before 31 Oct nor the transfer of the leasehold rights executed, completion would occur on or before 31 December, referred to as the ‘Backstop Date,’ which provided sufficient time for the company to complete its due diligence and enter into appropriate financing arrangements.

By utilising the assets, the company anticipated reducing the capital cost of each of its projects by 10% to 15% and the construction timelines were expected to be reduced by 3 to 5 months.

The company said it intends to start utilising the assets in Nov this year under a licencing arrangement with the administrators should the acquisition not complete by 31 Oct.

‘The company will use the assets in preparation for key enabling works for the Islandmagee Gas Storage Project scheduled for proposed construction starting in Q1 2020,’ the company said.

At 10:05am: [LON:INFA] Infrastrata PLC share price was -0.02p at 0.45p

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