InfraStrata has completed its acquisition of Harland and Wolff in Belfast, Northern Ireland, after more than two months of talks between the shipyard’s administrators, debt providers, employees and other stakeholders.
The successful conclusion of the deal safeguards the future of Harland and Wolff, a shipyard which has provided steel fabrication services for the offshore wind industry.
Partners from BDO Northern Ireland were appointed as administrators to dispose of the company’s assets on 6 August 2019, after the shipyard’s Norwegian parent company, Dolphin Drilling, filed for bankruptcy in June.
InfraStrata, which is developing the Islandmagee Gas Storage Project on the east coast of County Antrim, Northern Ireland, decided to bid to take over Harland and Wolff in a strategic move to bring in-house a large part of the engineering and fabrication requirements for Islandmagee, an underground natural gas storage facility that will significantly boost UK energy security.
European law firm Fieldfisher advised InfraStrata on the completion of its deal to buy insolvent Belfast shipyard operator, Harland and Wolff Heavy Industries for £5.25m from its administrators.
Fieldfisher assisted InfraStrata on the preparation of its bid, which was accepted by BDO and announced on 1 October 2019.
The firm subsequently advised InfraStrata on arranging a short-term bridging facility to fund the £500,000 deposit on the acquisition, due diligence, transfer of leaseholds and a final asset purchase agreement with the administrators through a newly incorporated special purpose vehicle, which is 100% owned by InfraStrata.
Fieldfisher also advised the company on an equity placing to raise £6m and a further £1m fundraise via an offer to shareholders to help fund the acquisition and ongoing working capital requirements.