London Stock Exchange-listed Infrastrata announced on 1 October that it has agreed to buy the principal assets of Harland and Wolff Heavy Industries Limited and Harland and Wolff Group plc for a total of GBP6 million (USD7 million).
The Belfast shipyard had been placed into administration in August after its Norway-based owner, Dolphin Drilling, filed for bankruptcy.
Infrastrata is funding the acquisition with a mix of debt and equity. It has already paid an initial GBP500,000 cash deposit to the administrator, BDO NI, to gain exclusive control of Harland and Wolff’s multi-purpose fabrication facility, quaysides, and docking facilities.
Remaining payments of GBP3.3 million will be made on 31 October (or 31 December if Infrastrata needs more time to complete due diligence), followed by GBP2.2 million by 30 April 2020.