By Elena Vardon

 

Harland & Wolff Group Holdings said it was awarded 61 million-pound ($74.1 million) contract for a major vessel refurbishment by Canadian oil and natural-gas company Cenovus Energy.

The U.K. strategic-infrastructure-projects company said Friday that revenue from the contract are included within management's revenue expectations of GBP100 million for 2023 and GBP200 million for 2024. Around GBP10 million is expected to be received in 2023, with the rest the following year.

The contract award follows a letter of intent issued in late July

The vessel, which is should arrive in the first quarter of 2024, will be in its building dock for more than three months. Pre-arrival works have kicked off and some fabrication works will start before the end of the year, Harland & Wolff said. Up to 1,000 people will be working on the vessel at its peak, including staff and subcontractors, it said.

 

Write to Elena Vardon at elena.vardon@wsj.com

 

(END) Dow Jones Newswires

October 20, 2023 02:51 ET (06:51 GMT)

Copyright (c) 2023 Dow Jones & Company, Inc.
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