2022 has been a transformational year for Harland & Wolff #whichHARL has seen three years of investment in its facilities result in a steady stream of contract wins across its four dockyards and five key business sectors. Chief executive John Wood talks Vox through the company’s strategy, the details behind the recent success as part of the Team Resolute consortium to build three fleet support vessels for the Royal Navy, and the opportunities that lie ahead both in the UK and overseas.
00:30 How three years of investment in its facilities has resulted in success as part of the Team Resolute consortium to become preferred bidder on a £1.6bn contract to provide three support vessels to the Royal Navy
03:49 Plans for investment in its facilities, including extensions to fabrication halls at Belfast, and the rollout of robotics, automation, and digital capabilities to improve cost competitiveness
05:50 Opportunities in the defence sector, and tailwinds for the sector including increases in global naval spending and the UK’s levelling up ambitions
08:55 Activities in the renewable and energy space as a result of increasing concerns over energy security, including progress on the Islandmagee gas storage project, and opportunities in floating wind and nuclear through international collaborations
14:13 The outlook for the cruise ship market as the holiday market recovers, and how Harland & Wolff is set to capitalise
15:03 How recent contract success affects financial guidance and the timescale for shareholder returns, and the possibility of future capacity expansion and vertical integration
17:23 The importance of reinforcing the management team, and investment in workforce recruitment and retention